Surinder Chawla, Managing Director and CEO of Paytm Payments Bank, has offered to resign from his position citing personal reasons and a desire to explore better career opportunities. Chawla will be stepping down from PPBL on June 26, as stated in a stock exchange filing on April 8.
One97 Communications, the owner of Paytm, confirmed Chawla’s resignation in a BSE filing on April 8, 2024. The company also mentioned the restructuring of PPBL’s board with five independent directors, including an Independent Chairperson, as part of ongoing changes.
Despite recent developments, Paytm continues to work with banking partners to enhance merchant acquiring and UPI services, as stated by the company.
Chawla, who joined One 97 Communications on January 9, 2023, has an extensive background in the banking sector, having previously worked at RBL Bank, HDFC Bank, and Standard Chartered Bank.
In January, the Reserve Bank of India imposed restrictions on Paytm Payments Bank’s services, leading to a temporary ban on deposits, credit transactions, and FASTag recharges. The central bank cited non-compliance of regulations and supervisory issues as the basis for this decision.
