Business News

Paytm Payments Bank MD & CEO Surinder Chawla resigns citing personal reasons

Surinder Chawla, the Managing Director and CEO of Paytm Payments Bank Limited (PPBL), has tendered his resignation on April 8, 2024, citing personal reasons and a desire to explore better career prospects.

Paytm Payments Bank MD & CEO Surinder Chawla resigns citing personal reasons

Paytm Payments Bank CEO Resignation Announcement

Paytm’s parent company, One 97 Communications Ltd, revealed on Tuesday that Surinder Chawla, the CEO of Paytm Payments Bank, has resigned. Chawla’s decision to step down was driven by personal reasons and a desire to pursue new career opportunities.

Transition Details

The announcement was made after market hours, and Chawla will be relieved from his position at Paytm Payments Bank on June 26, 2024, unless mutually agreed upon otherwise.

Terminated Agreements and Board Restructuring

Paytm stated that most of the agreements between the company and Paytm Payments Bank have been terminated, as disclosed on March 1, 2024. The board of Paytm Payments Bank has also been reconstituted, with five independent directors, including an Independent Chairperson, and no nominees from the company. This restructuring aligns with Paytm’s ongoing efforts to collaborate with banking partners and enhance their merchant acquiring and UPI services.

Paytm’s Stock Performance

Paytm’s shares ended the day 1.95% lower at Rs 404.30 on Tuesday. Earlier in the day, the stock reached an intraday high of Rs 416.45, compared to the previous day’s closing price of Rs 412.35 on the BSE. The market capitalization of the company decreased to Rs 25,689 crore. A total of 1.78 lakh shares were traded on the BSE, amounting to a turnover of Rs 7.23 crore.

Continued Focus on Service Enhancement

Despite the CEO’s resignation, Paytm remains committed to improving its services. The company emphasizes its collaboration with banking partners to enhance merchant acquiring and UPI services. By continuously working on these aspects, Paytm aims to provide better digital payment solutions to its users.

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