Paytm Payments Bank MD and CEO Surinder Chawla resigns 'to explore better career prospects'

Beleaguered Paytm Payments Bank's managing director and CEO Surinder Chawla has resigned from the company.

Chawla joined PPBL in January 2023 after the payments bank received approval from the Reserve Bank of India.

In a major action against Paytm Payments Bank (PPBL), the central bank, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. Subsequently, the deadline was extended to March 15.

The RBI action was in the wake of persistent non-compliance and continued material supervisory concerns.

After the RBI move, promoter Vijay Shekhar Sharma last month stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited, and the board of the bank has been reconstituted.

One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL.