Paytm Payments Bank announces major reconstitution of board of directors
In a significant move towards enhancing its governance and operational standards, Paytm Payments Bank Limited (PPBL), an associate entity of One 97 Communications Limited (OCL), has announced the reconstitution of its Board of Directors. The reshuffle introduces a cadre of experienced individuals to the board, signaling a strategic pivot towards strengthening regulatory compliance and best practices within the organization.
The newly appointed Independent Directors include former Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Shri Ashok Kumar Garg, and retired IAS officer Rajni Sekhri Sibal. Their induction is part of PPBL’s decision to opt for a board comprising solely independent and executive directors, a move supported by OCL. Concurrently, Vijay Shekhar Sharma has resigned from the Board of Paytm Payments Bank to facilitate this transition, with the bank set to commence the process of appointing a new Chairman.
Srinivasan Sridhar brings over 40 years of rich banking experience and currently serves as an Independent Director at Jubilant Pharmova. He has held pivotal roles across several prestigious banking institutions, underscoring his extensive expertise in the sector. Debendranath Sarangi, with a distinguished career in public administration and governance, brings his expertise to the board, having served in various capacities across the government and corporate sectors. Smt Rajni Sekhri Sibal, with 38 years of experience in administration and governance, and Ashok Kumar Garg, with 39 years of banking experience, add to the board’s collective wisdom and insight into regulatory compliance and corporate governance.
The reconstituted board also includes former Executive Director of Punjab & Sind Bank Shri Arvind Kumar Jain and Surinder Chawla, MD & CEO at Paytm Payments Bank. This strategic reformation marks a pivotal moment in PPBL’s journey, aimed at enhancing governance structures and operational standards.
The board members have expressed their commitment to leveraging their expertise to guide PPBL towards achieving operational excellence, strict adherence to regulatory frameworks, and setting new standards in delivering value to stakeholders. Their appointments are seen as a significant step forward in solidifying PPBL’s dedication to compliance and best practices, aiming to position the bank as a paragon of regulatory compliance.
The reconstitution of the Paytm Payments Bank Board of Directors signifies a strategic move towards bolstering corporate governance and regulatory compliance. By bringing on board individuals with vast experience in banking, administration, and governance, PPBL is poised to enhance its operational standards and adherence to regulatory guidelines. This transition reflects the bank’s commitment to fostering a culture of transparency and accountability, which is crucial for sustaining trust and confidence among its customers and stakeholders.