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Paytm Payments Bank CEO Steps Down Amid Regulatory Shake-Up




Surinder Chawla, who served as the managing director and chief executive officer of Paytm Payments Bank, tendered his resignation on April 8, as per the disclosure filed by One97, the associated entity, on the National Stock Exchange.


According to the filings, Chawla cited personal reasons for his resignation, intending to explore new career opportunities. His departure from Paytm Payments Bank (PPBL) is scheduled for June 26.

Chawla assumed the role at Paytm Payments Bank in February of the previous year. Prior to this, he held the position of head of branch banking at RBL Bank for over nine years, and earlier, he spent more than 11 years at HDFC Bank, serving as the head of the retail liabilities product group and senior executive vice president.


This development follows regulatory actions taken by the Reserve Bank of India (RBI) against Paytm Payments Bank. In late January, the RBI imposed restrictions on the company due to concerns about regulatory compliance.


Although the RBI later provided temporary relief to Paytm, the company discontinued inter-company agreements between itself and Paytm Payments Bank Limited (PPBL), ensuring the separate operations of PPBL.


Furthermore, Vijay Shekhar Sharma resigned from his position as part-time non-executive chairman and board member of Paytm Payments Bank. The company also announced the reconstitution of its board of directors, welcoming five new directors.

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