Paytm Chairman Vijay Sekhar Sharma Resigns – Vijay Sekhar Sharma | Paytm | Malayalam News | Manorama News Vijay Shekhar Sharma has resigned as Chairman of Paytm Payments Bank
Published: February 26 , 2024 09:06 PM IST
Updated: February 26, 2024 10:03 PM IST
1 minute Read
Vijay Shekhar Sharma (Photo: X/@vijayshekhar)
New Delhi: Paytm owner Vijay Shekhar Sharma has resigned as non-executive chairman of the bank following the Reserve Bank’s action against Paytm Payments Bank. However, he will continue as MD of Paytm. Paytm Bank will soon appoint a new chairman.
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Paytm founder Vijay Shekhar Sharma’s move comes after the RBI issued an ultimatum to suspend transactions alleging various violations. Vijay Sharma has resigned as a board member after becoming non-executive chairman. Former Central Bank of India chairman Srinivasan Sridhar, former IAS officer Devendranath Sarangi, former Bank of Baroda executive director Ashok Kumar Garg and former IAS officer Rajini S. Sibal have been appointed as new independent directors.
Vijay Shekhar’s resignation comes after the RBI demanded that all Paytm transactions be stopped by March 15. After March 15, RBI has banned deposits in Paytm Bank’s Savings/Current Accounts, Wallet, FASTag and National Mobility Card.
Earlier the time allotted was till February 29. The date has been extended in the public interest of traders and others. The Reserve Bank has directed Paytm Bank to provide facilities for withdrawing deposits without causing any inconvenience to the customers. After the Reserve Bank’s action, the ED also started an investigation against Paytm. It is reported that the investigation is on account of violation of the Foreign Exchange Act (FEMA).
English Summary:
Paytm’s Vijay Shekhar Sharma steps down from payments bank board
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2024-02-26 16:18:45
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