Leading financial services company Paytm said on Monday that its founder and CEO Vijay Shekhar Sharma has stepped down as Non-Executive Chairman and Board Member of Paytm Payments Bank Ltd (PPBL), as the Reserve Bank of India (RBI) ban on the bank's operations inches closer.
In a BSE filing, the company said that the PPBL has reconstituted the Board with the appointment of Central Bank of India's former Chairman Srinivasan Sridhar, retired IAS officers Debendranath Sarangi and Rajni Sekhri Sibal, and Bank of Baroda's former Executive Director Ashok Kumar Garg.
PPBL's future business will be led by a reconstituted Board by One 97 Communications Ltd (OCL), after the RBI ban on the bank operations from March 15. They recently joined as Independent Directors.
"OCL withdraws its nominee from the Paytm Payments Bank Board and Vijay Shekhar Sharma steps down as part-time, non-executive Chairman and Board member," it said in the filing.
The company said that it supports PPBL’s move of opting for a board with only Independent and Executive Directors by removing its nominee.
"The company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new Chairman,” said the company in its filing.
This significant development came as the central bank extended, by 15 days to March 15, the deadline after which Paytm Payments Bank Ltd is barred from accepting deposits.
The last date fixed earlier was February 29.
The company has reassured its users that its mobile app, including the QR code, Soundbox and Card Machine will remain operational even after March 15.
"We welcome the appointment of Sridhar, Sarangi, Garg, and Sibal to our Board, marking a significant step forward in PPBL's journey,” said Surinder Chawla, MD and CEO at Paytm Payments Bank.
Satellites are continuously working to ensure India's security: ISRO Chairman
ISRO Chairman V. Narayanan on Sunday said that 10 satellites are continuously working round-the-clock for the strategic purpose to ensure the safety and security of the citizens of the country.
Indo-Pak tension: NE students studying in Punjab & Haryana moved to safer places
In the wake of the India-Pakistan tensions, various state governments of the northeast have moved their students studying in Punjab and Haryana to safer places, officials said on Saturday.
‘We are working under PM Modi’s direction’: Tripura CM
Tripura Chief Minister Manik Saha on Saturday said that he has requested the Central and state forces to work in synchronisation in dealing with the present situation arising in view of the India-Pakistan tensions.
Govt boosts social welfare schemes with increased allowances: CM
Chief Minister Prof. Dr. Manik Saha today said that senior citizens are not a burden on society and everyone needs to expand the scope of respect, love, and compassion for the elderly so that no more old age homes are required in society.
Govt launches 24X7 helpline for students studying outside the state
In light of the ongoing India-Pakistan tensions, the Tripura government has launched a 24×7 emergency helpline to support students from the state who are pursuing education in different parts of the country.
Indian army responding to Pak ceasefire violations: FS Vikram Misri
Foreign Secretary Vikram Misri on Saturday said that Indian armed forces have been responding adequately to the ceasefire violations by the Pakistani army despite the announcement of truce between the two countries a few hours earlier.
Hours after announcement of truce, Pakistan violates ceasefire
Despite the announcement of ceasefire by India and Pakistan, there was a violation by the Pakistan army on Saturday evening in Akhnoor, Mendhar, R.S. Pura, Chamb, Bhimber and Gurez sectors while loud blasts were also heard in Srinagar.