– Paytm Payments Bank Board Sees Resignation of Vijay Shekhar Sharma
Vijay Shekhar Sharma, founder and majority owner of Paytm Payments Bank, has stepped down from the board of the troubled unit days after the Indian regulator signalled continuity at the financial firm Paytm.
Paytm Payments Bank said Monday it was reconstituting the board of directors at the Paytm Payments Bank, an associate of Paytm, with the appointment of four executives — ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Shri Debendranath Sarangi, former executive director of Bank of Baroda Shri Ashok Kumar Garg, and Retd.
The appointment follows the Indian central bank penalizing Paytm Payments Bank, in which Sharma owns a 51% stake, with severe business restrictions.
(Paytm owned a 49% stake in Paytm Payments Bank.)
TechCrunch reported early this month that the Indian central bank has weighed ordering a board shakeup at Paytm Payments Bank and removing some of the company officials, including Paytm founder Sharma.
