Mumbai: One 97 Communications Ltd (OCL) on Monday said that it has withdrawn its nominee from the Paytm Payments Bank (PPBL) Board and Vijay Shekhar Sharma steps down as Part-Time non-executive Chairman and Board member. Paytm Payments Bank has also reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and Retd. IAS Rajni Sekhri Sibal. They have recently joined as Independent Directors.
OCL has said that it supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee. PPBL has also informed OCL that it will commence the process of appointing a new Chairman.
Beyond these, the board has former Executive Director of Punjab & Sind Bank Arvind Kumar Jain as Independent Director and Surinder Chawla, MD & CEO at Paytm Payments Bank.
Surinder Chawla, MD & CEO at Paytm Payments Bank said, “We welcome the appointment of Shri Srinivasan Sridhar, Shri Debendranath Sarangi, Shri Ashok Kumar Garg, and Smt Rajni Sekhri Sibal to our Board, marking a significant step forward in PPBL’s journey. 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.
