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Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank; board reconstituted

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Paytm founder Vijay Shekhar Sharma has resigned as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL) ahead of the March 15 deadline to wind down its business.

The action against Paytm Payments Bank followed "serious supervisory concerns", including inadequate customer identify and a lack of arms-length distance with Paytm, sources had told Reuters.

The Reserve Bank of India has asked the banking unit to wind down its operations by March 15 due to persistent non-compliance and continued material supervisory concerns, triggering a meltdown in Paytm's stock.

Srinivasan Sridhar, former chairman of state-owned Central Bank of India, former Bank of Baroda Executive Director Ashok Kumar Garg and two retired Indian Administrative Service officers will join the board, Paytm said in an exchange filing.

The new board members' expertise will be "pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices", Paytm Payments Bank CEO Surinder Chawla said.

Paytm App May Close UPI Service on and Before March 15 As Per Sources.

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Source : NDTV & Hindustan Times

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Finance Ninja Finance Ninja
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Mujhe ajtak samjh nahi aaya aam log startup companies me invest kyun karte hai stock market me list hone k baad.

Startup companies ka motto he hota hai, profit nahi kamana, bas jaise taise illegal kam kar k apna valuation badhana aur funding lena aur last me IPO nikaal k nikal jana.

USA me bhi 99% startups failed hote hai.

WeWork ka kya haal hua sab ko pata hai.

Finance Ninja Finance Ninja
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Mujhe ajtak samjh nahi aaya aam log startup companies me invest kyun karte hai stock market me list hone k baad.

Startup companies ka motto he hota hai, profit nahi kamana, bas jaise taise illegal kam kar k apna valuation badhana aur funding lena aur last me IPO nikaal k nikal jana.

USA me bhi 99% startups failed hote hai.

WeWork ka kya haal hua sab ko pata hai.

Entertainer Entertainer
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Mujhe ajtak stock market he samjh nahi aaya!
Finance Ninja Finance Ninja
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Mujhe ajtak samjh nahi aaya aam log startup companies me invest kyun karte hai stock market me list hone k baad.

Startup companies ka motto he hota hai, profit nahi kamana, bas jaise taise illegal kam kar k apna valuation badhana aur funding lena aur last me IPO nikaal k nikal jana.

USA me bhi 99% startups failed hote hai.

WeWork ka kya haal hua sab ko pata hai.

Benevolent Benevolent
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Chup kar bhai.

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Benevolent Benevolent
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ready for lower circuit?

Benevolent Benevolent
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so sad. 

Deal Cadet Deal Cadet
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Just putting this clown's interview out here

Deal Newbie Deal Newbie
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Commentator Commentator
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If this news is true then Game over for Paytm stock. I don't know about company. This is why one should not try to catch a falling knife in the stock market.

Helpful Helpful
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Of course, it may not be the perfect comparison but when yes bank was in trouble everyone said the same but now it is under sbi and doing ok.

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Generous Generous
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Sold at uc today.. 12% gain total.. in 7 8 days I think.. but will go further above 500 in short term..

Generous Generous
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Soch rahe lc par fir buy kar le aaj hi xd

Finance Ninja Finance Ninja
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Mujhe ajtak samjh nahi aaya aam log startup companies me invest kyun karte hai stock market me list hone k baad.

Startup companies ka motto he hota hai, profit nahi kamana, bas jaise taise illegal kam kar k apna valuation badhana aur funding lena aur last me IPO nikaal k nikal jana.

USA me bhi 99% startups failed hote hai.

WeWork ka kya haal hua sab ko pata hai.

Entertainer Entertainer
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Mujhe ajtak stock market he samjh nahi aaya!
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Pro DealBaba Pro DealBaba
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He was a part time chairman no??

And this was the rbi recommendation ki board pe thord party logo lo lao.

Deal Newbie Deal Newbie
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what
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Benevolent Benevolent
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@NobiNobita and he said paytm will be next Tesla

Benevolent Benevolent
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@NobiNobita


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Finance Mentor Finance Mentor
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Misleading and misinformation article. Paytm and paytm payment bank is not closing and rbi not asked to windup them. 

Generous Generous
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Ye to niche hi nahi ja raha.. maine uc par bech rakha hai.. lc par lena hai neutral_face

Deal Lieutenant Deal Lieutenant
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Any idea who will be new chairman?

Deal Cadet Deal Cadet
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this was a clear case of somebodys ego got rubbed the wrong way by vijay, else compliance game is always on and bribe,  filing refiling, settling by authorities is everyday job in india, 

seems the ask was vijays head, and so it was done, now paytm should be fine as before as teaching vijay a lesson has been accomplished, it could be due to funding elections or assisting in demonitisation or taking credit for upi digital payments its anybodys guess.

Deal Cadet Deal Cadet
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You are reading tea leaves wisely. 

This is also a shot in the aisles for private billionaires same as the china way. (Jack ma ,tencent  etc were forced to knell before the CCP as their market cap dissolved by 50-80% in a few weeks /months with CCP/Govt policy announcements )

sharma rubbed the wrong people and did  not kow tow to the powers in delhi 

image

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Deal Lieutenant Deal Lieutenant
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https://twitter.com/vijayshekhar/status/1758473...

Paytm App May Close UPI Service on and Before March 15 As Per Sources. Nothing written by RBI orders

Helpful Helpful
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That fellow used to be good and confident on India's demographic and all.

How can an organisation fail to comply rbi guidelines? It's ridiculous when u r in the business for so long. It's incompetency or overconfidence on chacha's guarantee/insurance policy.

Such companies should be sued for defrauding the investors as nobody would imagine non compliance. One can understand mismanagement or conflicts of interests or market dynamics.

But incompliance is not like hitting ones tow by hammer but rather cutting owns throat. Shame on them.

Ps: I was never an investor in Paytm. But was very active of Paytm platform as consumer. Their Ecom site or app design was shit for considerable time was all such issues can be dealt with by company easily.

Deal Cadet Deal Cadet
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Dubte hue jahaz 🌊🚢se sabse pahle chuhe 🦫bhaagte hai….

Deal Cadet Deal Cadet
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Next Yes Bank 😃

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