Paytm Payments Bank’s CEO Surinder Chawla moves on

Surinder Chawla, CEO and MD of Paytm Payments Bank, has stepped down from his position, the company said in a regulatory filing on Tuesday.

One 97 Communications Limited said that it has been informed by its associate entity, Paytm Payments Bank Limited (PPBL), that “Surinder Chawla, Managing Director and CEO of PPBL has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects”.

He will be relieved from PPBL on June 26, “unless changed by mutual consent”.

“As informed earlier, nearly all agreements between the company and PPBL have been terminated as per our disclosure on March 1, 2024, and the board of PPBL has been reconstituted with five independent directors including an Independent Chairperson, and no nominees from the Company,” said the Paytm parent company.

The company said it continues to collaborate with banking partners to “enhance our merchant acquiring and UPI services”.

Paytm Payments Bank hasn’t yet disclosed who will replace Chawla, who joined the Paytm Payments Bank in February last year.

In February, Paytm’s Founder and CEO, Vijay Shekhar Sharma, stepped down as Non-Executive Chairman and Board Member of PPBL, after the Reserve Bank of India’s (RBI) ban on the bank’s operations.

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