Another shock to Paytm Payments Bank, CEO resigns, shares fall – India TV Hindi

Paytm Payment Bank- India TV Paisa

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Difficulties Paytm Payments Bank Managing Director and Chief Executive Officer Surendra Chawla has resigned from the company. Chawla’s resignation comes at a time when Paytm Payments Bank Ltd (PPBL) is facing a tough ban from banking regulator Reserve Bank of India (RBI). One97 Communications, the company that operates the Paytm brand, informed the stock market about the resignation on Tuesday.

The last day will be on June 26.

“Surinder Chawla, Managing Director and Chief Executive Officer of PPBL has resigned effective April 8, 2024 for personal reasons and to pursue better career prospects,” the company said. He will be released from PPBL after hours on June 26, 2024, subject to no change by mutual consent. Chawla joined PPBL in January last year. But due to repeated violations of regulatory norms during his tenure, PPBL recently came under RBI’s stricture.

The RBI imposed restrictions on January 31.

Earlier on February 26, Vijayshekhar Sharma resigned from the board of Paytm Payments Bank. On January 31, RBI imposed major business restrictions on Paytm Payment Bank Limited. The RBI had barred payments banks from accepting fresh deposits and conducting credit transactions after February 29. Then on February 16, the deadline was extended to March 15.

Stock reduction

Shares of Paytm fell significantly after RBI restrictions. This stock also saw a decline on Tuesday. Shares of the company closed at Rs 404.30, down 1.95 percent or Rs 8.05. The 52 week high price of this share is Rs 998.30. While the 52-week low is Rs 318.35. The company’s market cap closed at Rs 25,689.78 crore on BSE on Tuesday.

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