In a significant development in the ongoing Regulatory Crisis of Paytm, the Founder & CEO of One 97 Communications, Vijay Shekhar Sharma has now resigned as a part-time non-executive director & Chairman of Paytm Payments Bank Limited (PPBL). This move comes amidst the Reserve Bank of India (RBI)’s stringent measures against the Fintech Company due to compliance concerns.
The RBI’s crackdown on Paytm Payments Bank stems from the “Persistent Non-Compliance and material supervisory concerns resulting to which the Bank has now been prohibited from accepting deposits and credits from any customer after March 15 2024 adding to the challenges faced by the company.
Restructuring of the Board of Paytm Payments Bank
The Parent One 97 Communications (OCL) announced a restructuring of the Payments Bank Board. The New Board includes distinguished individuals such as Srinivasan Sridhar, Debendranath Sarangi, Ashok Kumar Garg and Rahni Sekhri Sibal, this brings a wealth of experience from the banking & finance (BFSI) sector.
Vijay Shekhar Sharma’s decision to step down raises questions about the future of Paytm Payments Bank amidst regulatory challenges. Vijay Shekar Sharma, known for his entrepreneurial acumen has been instrumental in transforming Paytm into India’s leading Mobile-first financial service conglomerate
From Aligarh to becoming an Unicorn
Sharma was born in Aligarh Uttar Pradesh, Sharma’s journey from engineering graduate to fintech pioneer has been remarkable. He founded Paytm in 2011 which experienced exponential growth following India’s demonetisation in 2016 onboarding millions of users on its platform.
Moreover, Vijay Shekhar Sharma’s commitment to environmental advocacy has also garnered attention. He was appointed United Nations Environment’s Patron For Clean Air in 2017. Actively supporting initiatives to combat environmental degradation.
He secured a USD 300 Million investment from Warren Buffett’s Berkshire Hathway for Paytm 2018 and expanded its services with ventures like Paytm Mall and Paytm Payments Bank. His Vision is to Provide banking services to underserved Indian Customers through Paytm payments bank reflects his commitment to financial inclusion.
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