Paytm Payments Bank MD & CEO Surinder Chawla Resigns

Surinder Chawla, the Managing Director and CEO of Paytm Payments Bank, tendered his resignation on April 8, as disclosed in a stock exchange filing. Citing personal reasons and a desire to explore new career opportunities, Chawla will step down from his position on 26 June, according to the announcement.

In addition, One 97 Communications reiterated in the filing that the majority of agreements between the company and Paytm Payments Bank have been terminated. The board of Paytm Payments Bank has been restructured to include five independent directors, including an Independent Chairperson, with no representation from the company.

One 97 Communications also stated its ongoing collaboration with banking partners to improve merchant acquiring and UPI services.