Paytm Payments Bank MD and CEO Surinder Chawla resigns, will be relieved on this date

Paytm Payments Bank Managing Director and CEO Surinder Chawla has offered to resign from his post, the company said in a stock exchange filing on April 8. According to the company, Chawla has resigned citing personal reasons and to seek better career prospects. The company said he would be relieved from PPBL on June 26.

Paytm's parent company One97 Communication said in a BSE filing on Tuesday, "The company wishes to update that it has been informed by its associate entity Paytm Payments Bank Limited (PPBL) at 5.23 pm on April 8, 2024, that the Managing Director of PPBL and "CEO Surinder Chawla has resigned on April 8, 2024 due to personal reasons and to explore better career opportunities."

The company further said that as per our disclosure dated March 1, 2024, almost all the agreements between the company and PPBL have been terminated. The Board of PPBL has been reconstituted with five independent directors including an independent Chairman. As per the company's disclosure dated February 26, 2024, there is no nominee from One97 Communication on the new board.

“In line with our ongoing efforts, the company will continue to collaborate with banking partners to enhance its merchant acquisition and UPI services,” the company said. Chawla joined One 97 Communications Bank on January 9, 2023. Earlier, He was with RBL Bank as Head of Branch Banking. He has almost three decades of experience in the banking sector. He has worked at HDFC Bank, Standard Chartered Bank and others.

A ban on Paytm Payments Bank's ability to conduct credit transactions, deposits, and Fastag recharge began in January of this year by the Reserve Bank of India. The ban became effective on February 29. Later on, March 15 was added to the ban's expiration date. After that, Paytm Payment Bank customer accounts, wallets, Fastag, and other devices are prohibited from taking deposits or top-ups.