Paytm Payments Bank reconstitutes its board; appoints banking, administrative veterans

Paytm parent One 97 Communications announced the reconstitution of the board of its payments unit that is currently embroiled in regulatory issues. This comes as Paytm founder Vijay Shekhar Sharma stepped down from the board of the payments bank unit. The new board now constitutes banking and administrative experts.

The company said Paytm Payments Bank (PPBL) has appointed ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal to the board as independent directors.

“OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee. The company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new chairman,” the company stated in a filing on Monday.

Srinivasan Sridhar has experience of over 40 years in banking and is currently serving as the independent director at Jubilant Pharmova. He has held leadership positions at Export Import Bank of India, Central Bank of India and National Housing Bank.