Surinder Chawla, the CEO and MD of Paytm Payments Bank, has tendered his resignation, as announced by the company in a regulatory filing on Tuesday.
According to One 97 Communications Limited, the parent company of Paytm Payments Bank Limited (PPBL), Chawla cited personal reasons and a desire to explore new career opportunities as the basis for his resignation, effective April 8, 2024. He is expected to be formally relieved from his duties at PPBL on June 26, unless otherwise mutually agreed upon.
In light of previous disclosures made on March 1, 2024, the company highlighted the termination of nearly all agreements between itself and PPBL. Additionally, PPBL’s board underwent restructuring, now comprising five independent directors, including an Independent Chairperson, with no representation from the parent company.
While the identity of Chawla’s successor at PPBL remains undisclosed, the parent company emphasized its ongoing collaboration with banking partners to enhance services such as merchant acquiring and UPI.
Chawla had assumed his role at Paytm Payments Bank in February of the preceding year. This announcement follows the resignation of Paytm’s Founder and CEO, Vijay Shekhar Sharma, as Non-Executive Chairman and Board Member of PPBL in February, prompted by the Reserve Bank of India’s (RBI) regulatory measures against the bank’s operations.