Paytm parent One 97 Communications announced the reconstitution of the board of its payments unit that is currently embroiled in regulatory issues. This comes as Paytm founder Vijay Shekhar Sharma stepped down from the board of the payments bank unit. The new board now constitutes banking and administrative experts.
The company said Paytm Payments Bank (PPBL) has appointed ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal to the board as independent directors.
“OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee. The company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new chairman,” the company stated in a filing on Monday.
Srinivasan Sridhar has experience of over 40 years in banking and is currently serving as the independent director at Jubilant Pharmova. He has held leadership positions at the Export-Import Bank of India, the Central Bank of India, and the National Housing Bank.
Retired IAS (1977 batch) of Tamil Nadu cadre, Debendranath Sarangi, is a veteran in public administration and corporate governance. He is currently serving as an independent director on the boards of several companies including Southern Petrochemical Industries Corporation Limited and Voltas Ltd, among others.
Ashok Kumar Garg has 39 years of experience in banking and has held significant positions including full-time Director at Bank of Baroda, Chief Executive for USA operations of the bank in New York, Managing Director of Bank of Baroda (Uganda) Ltd at Kampala, and Chairman/Director of its subsidiaries in Guyana, Trinidad & Tobago and Kenya.
Rajni Sekhri Sibal is a retired IAS officer of the Haryana cadre (1986 batch) with 38 years of experience in administration and governance. She has served as Secretary, of the Government of India, and currently serves as an Independent External Monitor in the public sector and as an independent director in corporations.
Apart from these directors, the company board also has former Executive Director of Punjab & Sind Bank Arvind Kumar Jain as Independent Director and Surinder Chawla, MD & CEO at Paytm Payments Bank.
Paytm Payments Bank MD & CEO, Surinder Chawla welcoming the new board members said, “Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices.”
The article originally appeared on Business Today.