Vijay Shekhar Sharma, the founder and CEO of Paytm, has resigned from his position as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL) amid RBI’s clampdown on the fintech firm over compliance issues.
Due to persistent non-compliance and ongoing material supervisory concerns, the Reserve Bank of India has prohibited PPBL from accepting deposits and credits from any customer after March 15.
Who Is Vijay Shekhar Sharma?
- Vijay Shekhar Sharma is the founder and CEO of One97 Communications and its consumer brand Paytm.
- Born in 1978 in Aligarh, Uttar Pradesh, Vijay Shekhar Sharma completed his B.Tech from Delhi College of Engineering, now known as Delhi Technological University, in 1998.
- Recognized for his environmental advocacy, Vijay Shekhar Sharma was appointed United Nations Environment’s Patron for Clean Air in 2017.
- In 2019, Sharma introduced Paytm Payments Bank to provide banking and financial services to 500 million underserved Indian customers.
Why Did He Step Down As CEO ?
One 97 Communications Ltd (OCL), the parent company of the fintech brand Paytm, announced on Monday that its associate bank, Paytm Payments Bank Limited, has restructured its Board of Directors.
On January 31, the Reserve Bank of India (RBI) imposed significant business restrictions on PPBL, such as a prohibition on accepting fresh deposits and conducting credit transactions after February 29. This deadline was later extended to March 15 on February 16.
What’s Ahead For Paytm?
Paytm’s parent company One 97 Communications Ltd (OCL) restructured Paytm Payments Bank Limited’s Board of Directors on Monday.
According to Forbes 2022 Billionaires Net Worth, Sharma’s net worth stands at $1.2 billion. Despite a decline from its 2019 peak, Sharma was featured in Forbes’ 2022 list as a billionaire.