The parent firm of the fintech startup Paytm, One97 Communications, revealed on Monday that Vijay Shekhar Sharma, the business’s creator, has left the Paytm Payments Bank board.
“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 company mentioned in an exchange filing.
As independent directors, the board now includes former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Bank of Baroda executive director Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal.
“We welcome the appointment of Shri Srinivasan Sridhar, Shri Debendranath Sarangi, Shri Ashok Kumar Garg, and Smt Rajni Sekhri Sibal to our Board, marking a significant step forward in PPBL’s journey. Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices,” stated Surinder Chawla, MD & CEO at Paytm Payments Bank.
Over 40 years have been spent in an accomplished career in banking by Shri Sridhar. He works for Jubilant Pharmova as an Independent Director at the moment. At the Central Bank of India, National Housing Bank, and Export Import Bank of India, he has occupied executive posts.
Shri Srinivasan Sridhar, Board Member at Paytm Payments Bank Board added, “I am dedicated to utilizing my extensive banking expertise to steer the bank towards expanding its range of compliant services. It is my goal to ensure that PPBL becomes a paragon of regulatory compliance, setting new standards in delivering exceptional value to the stakeholders, in strict adherence with regulatory frameworks and best practices.”
Debendranath Sarangi, Board Member at Paytm Payments Bank added, “Assuming this expanded role at a critical juncture for PPBL, my dedication is firmly rooted in adhering to and exceeding the highest standards of regulatory compliance and corporate governance. I am wholly committed to applying my expertise to navigate PPBL towards a future characterized by operational excellence, ensuring strict compliance with regulatory guidelines and fostering a culture of best practices.”
Sarangi is a seasoned professional in public administration and corporate governance, having retired as an IAS from the Tamil Nadu cadre. He presently has independent directorships on the boards of multiple firms, such as Voltas Ltd. and Southern Petrochemical Industries Corporation Limited.
