Vijay Shekhar Sharma has stepped down from his role as part-time non-executive Chairman and board member of Paytm Payments Bank Limited (PPBL). This decision is intended to support the board’s restructuring efforts.
Subsequent to Sharma’s resignation, PPBL has revamped its board, introducing esteemed figures as Independent Directors. These individuals comprise Srinivasan Sridhar, former Chairman of Central Bank of India; Debendranath Sarangi, retired IAS officer; Ashok Kumar Garg, former Executive Director of Bank of Baroda; and Rajni Sekhri Sibal, retired IAS.
Allegedly, Vijay Sharma, the founder and also the part-time chairman of PBBL had earlier mulled over the possibility of resigning from the bank’s board and potentially renaming it without the inclusion of ‘Paytm’. This action was viewed as a tactic aimed at tackling the growing regulatory and compliance issues confronting the financial technology powerhouse.
FAQs pertaining to Paytm Payments Bank
In an attempt to allay, if not quell, the concerns of the individual user, the FAQs pertaining to Paytm Payments Bank have been issued by the Reserve Bank of India (RBI). These FAQs aim to address various concerns regarding the banking operations of #paytm, covering aspects such as withdrawals, refunds, and salary credits. As per the FAQs on #paytmpaymentsbank, customers are permitted to utilize, withdraw, or transfer funds within their available balances until March 15th, 2024 post which, new deposits will no longer be accepted, although refunds, cashbacks, and interest can still be received. Read our article titled, ‘RBI Releases FAQs on Paytm Payments Bank’ which summarises the key points put forth by the #FAQs in a simplified manner and provides the link to the relevant FAQs by the Reserve Bank of India: RBI Releases FAQs on Paytm Payments Bank (corridalegal.com)
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