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(10 Apr 2024, 12:02)

Paytm slides after PPBL's MD & CEO Surinder Chawla resigns

One 97 Communications (Paytm) declined 1.46% to Rs 398.40 after the firm said that its associate entity, Paytm Payments Bank’s (PPBL) managing director and CEO (MD& CEO) Surinder Chawla has tendered his resignation on 8 April 2024.

Surinder Chawla has tendered his resignation on account of personal reasons and to explore better career prospects. He will be relieved from PPBL with effect from close of business hours on 26 June 2024, unless changed by mutual consent.

As informed earlier, nearly all agreements between the company and PPBL have been terminated as per the company’s disclosure on 1 March 2024 and the board of PPBL has been reconstituted with five independent directors including an independent chairperson, and no nominees from the company, as per the disclosure on 26 February 2024. In line with ongoing efforts, the company continues to collaborate with banking partners to enhance its merchant acquiring and UPI services.

Earlier in January 2024, the Reserve Bank of India (RBI) had taken action agains...

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