On February 26, Paytm Payments Bank (PPBL) made significant changes to its leadership by restructuring its Board. The notable additions to the Board include Srinivasan Sridhar, the former Chairman of Central Bank of India, Debendranath Sarangi, a retired Indian Administrative Service (IAS) officer, Ashok Kumar Garg, who previously served as the Executive Director of Bank of Baroda, and Rajni Sekhri Sibal, another retired IAS officer. This move appears to be a strategic decision aimed at diversifying and strengthening the expertise within the bank’s leadership, bringing in individuals with extensive experience in banking, administration, and finance.
An additional noteworthy development is Vijay Shekhar Sharma stepping down from his position as Chairman at Paytm Payments Bank. This change in leadership suggests a shift in the bank’s governance structure, possibly driven by the desire to tap into a broader range of skills and perspectives to navigate the evolving landscape of financial services and banking in India.
One97 Communications on reconstitution of Paytm Payments Bank, including the resignation of Vijay Shekhar Sharma from the PPBL board.
“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”.
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