Paytm Payments Bank Ltd. (PPBL) announced a significant reshuffling of its board of directors, with Vijay Shekhar Sharma stepping down as chairman and independent directors being appointed to ensure compliance and best practices.

• Four new independent directors join the board:
  • Srinivasan Sridhar (Former Chairman, Central Bank of India)
  • Debendranath Sarangi (Retired IAS Officer)
  • Ashok Kumar Garg (Former Executive Director, Bank of Reserve)
  • Rajni Sekhri Sibal (Retired IAS Officer)

• Additional independent director:
  • Arvind Kumar Jain (Former Executive Director, Punjab & Sind Bank)

• Surinder Chawla remains on the board as Managing Director & CEO of PPBL.

Related: Paytm Reports 13.2% Growth in Q3 FY2023-24 Revenue, Implements Cost-Cutting Measures

This move towards an independent and executive board demonstrates PPBL’s commitment to strengthening governance and upholding regulatory compliance. The new directors’ expertise will be invaluable in guiding the bank towards enhanced operational standards and best practices.

The Reserve Bank of India (RBI) imposed restrictions on PPBL’s operations due to compliance concerns.

PPBL is currently awaiting a decision from the National Payments Corporation of India (NPCI) regarding its application to operate as a Third-Party Application Provider (TPAP) for the UPI channel.

Paytm, a leading Indian fintech company, offers a wide range of financial services through its mobile app. Founded in 2010, it allows users to pay bills, recharge phones, transfer money, and invest in various financial instruments. It also facilitates online shopping and provides access to micro-loans and insurance products. Paytm faced recent challenges with regulatory restrictions, but remains a significant player in India’s digital payment landscape, serving millions of users and partnering with various businesses. It continues to adapt and innovate, seeking to expand its offerings and maintain its position as a key player in the evolving financial technology ecosystem.

Vijay Shekhar Sharma: A Tech Leader and Environmental Advocate.

Visionary entrepreneur Vijay Shekhar Sharma, born in Aligarh, India in 1978, is the force behind One97 Communications and its widely recognized brand, Paytm. His leadership transformed Paytm into India’s leading mobile-first financial services company within a short period.

With a strong foundation in technology – having graduated from Delhi College of Engineering (now Delhi Technological University) in 1998 – Sharma recognized the potential of mobile payments. He launched Paytm in 2010, and the platform saw a significant surge following India’s demonetization in 2016. According to Forbes, Paytm currently boasts 400 million users and processes 25 million transactions daily.

Beyond business success, Sharma demonstrates a commitment to environmental responsibility. He was appointed the United Nations Environment Programme’s Patron for Clean Air in 2017. This role saw him actively supporting the #BreatheLife campaign, advocating for environmental action and awareness.