Paytm Payments Bank's MD and CEO Surinder Chawla resigns

Paytm Payments Bank's Managing Director and CEO Surinder Chawla has tendered his resignation on April 8, according to a stock exchange filing. Chawla is stepping down citing personal reasons and to explore better career prospects. He will be relieved from PPBL on June 26, the release stated.

One 97 Communications stated again in the release to the stock exchanges that 'nearly all agreements between the company and PPBL have been terminated', and the board of Paytm Payments Bank has been reconstituted with five independent directors, including an Independent Chairperson, and no nominees from the company. One 97 Communications said it continues to collaborate with banking partners to enhance merchant acquiring and UPI services.

Vijay Shekhar Sharma resigned from the Board of Paytm Payments Bank to enable the reconstitution of the board, OCL informed the bourses and added, "PPBL has informed us that they will commence the process of appointing a new chairman".