Paytm Payments Bank MD and CEO Surinder Chawla quits

Beleaguered Paytm Payments Bank’s managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said

Beleaguered Paytm Payments Bank's managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said on April 9.

Mr. Chawla's resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI.

Also read: The Paytm Payments Bank debacle | Explained

"Surinder Chawla, Managing Director and CEO of PPBL, has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects. He will be relieved from PPBL w.e.f. close of business hours on June 26, 2024, unless changed by mutual consent," One97 Communications, Paytm brand owner, said in a regulatory filing.

Mr. Chawla joined PPBL in January last year after the payments bank received approval from the Reserve Bank of India.

In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. Subsequently, the deadline was extended to March 15.

The direction follows persistent non-compliance and continued material supervisory concerns, the central bank had said in a statement.