Image Credits - Lokmat Times
One97 Communications Limited, the parent company of Paytm, announced today that Surinder Chawla, the Managing Director and Chief Executive Officer of its associate entity Paytm Payments Bank Limited (PPBL), has tendered his resignation effective June 26, 2024.
In a regulatory filing, One97 stated that Mr Chawla is resigning from his position at PPBL on account of personal reasons and to explore better career prospects. His resignation comes after nearly all agreements between One97 and PPBL were terminated on March 1, 2024, as part of an ongoing restructuring at the payments bank.
PPBL’s board was reconstituted in February with five independent directors, including an independent Chairperson, with no nominees from One97. This move aligned with One97’s efforts to enhance merchant acquisition and UPI services through collaboration with banking partners.
Mr Chawla had been leading PPBL since its inception in 2017 when it commenced operations after receiving the Reserve Bank of India’s approval to establish a payments bank.
One97 highlighted that Mr Chawla will be relieved from his duties at the close of business hours on June 26, 2024, unless changed by mutual consent.
The company expressed its appreciation for Mr Chawla’s contributions during his tenure and wished him well in his future endeavours. Further details on his successor at PPBL are awaited.
