New Delhi: Vijay Shekhar Sharma has resigned as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), and the bank's board is being restructured.
The Reserve Bank has prohibited PPBL from accepting deposits and credits from any customer after March 15 due to chronic non-compliances and ongoing serious supervisory concerns at the bank.
PPBL has reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, Paytm said in a regulatory filing on Monday.
These persons had recently joined as Independent Directors, it said.
One 97 Communications Ltd (OCL) is the owner of the Paytm brand.
"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," the filing said.
OCL supports PPBL's move of opting for a board with only independent and executive directors by removing its nominee, it added.
"PPBL's future business to be led by a reconstituted Board," the filing stated.
With PTI inputs