Brief by Shorts91 Newsdesk / 04:06pm on 26 Feb 2024,Monday India
Vijay Shekhar Sharma, founder of Paytm, resigns as non-exec chairman of Paytm Payments Bank, leading to a board reshuffle. Srinivasan Sridhar, Debendranath Sarangi, Ashok Kumar Garg, and Rajni Sekhri Sibal join the new board. The move follows RBI's scrutiny and non-compliance concerns, with a March 15 deadline to wind down operations. Sharma owns 51%, and One 97 Communications holds the rest. New board members aim to enhance governance and operational standards. RBI restricts banking activities but allows interest and refunds. Paytm likely to collaborate with Axis Bank, HDFC Bank, SBI, and Yes Bank for UPI transactions.
