Surinder Chawla steps down as MD & CEO of Paytm Payments Bank

Surinder Chawla

Surinder Chawla, the Managing Director and Chief Executive Officer of Paytm Payments Bank, steps down on April 8, according to a stock exchange filing. Chawla is stepping down for personal reasons and to pursue greater career opportunities. According to the announcement, he will be serving his term in PPBL till June.

In the stock exchange release, One 97 Communications stated 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 stated that it continues to work with banking partners to improve merchant acquisition and UPI offerings.

On January 31, the RBI imposed significant business limitations on PPBL, including a prohibition on receiving new deposits or conducting credit operations after February 29. On February 16, it extended the deadline till March 15.

Also Read | Vijay Shekhar Sharma, founder & non-executive chairman of Paytm Payments Bank steps down

On March 14, the National Payments Corporation of India (NPCI) approved One97 Communications Limited (OCL), Paytm’s parent company, to participate in UPI services as a Third-Party Application Provider (TPAP) using a multi-bank approach.

The long-awaited license would allow Paytm to continue providing Unified Payments Interface (UPI) services to its app customers when its banking unit, Paytm Payment Bank Limited (PPBL), ends operations after 15 March due to regulatory action.

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