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New Delhi: Ahead of March 15 deadline set by the Reserve Bank of India (RBI) to accept further credits into its customer accounts, Paytm founder Vijay Shekhar Sharma stepped down as Paytm Payments Bank Chairman. Along with the chairman, he has also resigned from the board of Paytm Payments Bank.
According to the One 97 Communications Ltd (OCL), the parent firm of Paytm said that Vijay Shekhar Sharma has stepped down as part-time non-executive chairman and board member to enable the transition. After the action of RBI, Paytm Payment Bank has to face continuous problems. Due to this, a huge decline is being seen in the shares of the company.
Vijay Shekhar Sharma was the part-time non-executive Chairman of Paytm Payments Bank Limited. The development has come wĺafter the Reserve Bank of India (RBI) asked National Payments Corporation of India (NPCI) to examine use of UPI channel to allow Paytm App to continue operations and facilitate migration of @paytm handles to 4-5 banks.
In a statement, OCL said “Vijay Shekhar Sharma has 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.
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. Meanwhile, former Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal have joined the Paytm Payments Bank board as Independent Directors.
