One 97 Communications Ltd (OCL), the parent company of Paytm has updated that its associate, Paytm Payments Bank Limited (PPBL), has reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and Retd. IAS Rajni Sekhri Sibal. They have recently joined as Independent Directors.
The founder and CEO of Paytm, Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. Informing about the same, the company said in an excahnge filing, “OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee. The Company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new Chairman.”
Sridhar brings with him an illustrious career in banking spanning over 40 years. He is currently serving as the Independent Director at Jubilant Pharmova. He has held leadership positions at Export Import Bank of India, Central Bank of India and National Housing Bank.
Sarangi, retired IAS (1977 batch) of Tamil Nadu cadre, is a veteran in public administration and corporate governance. He is currently serving as an Independent director on the boards of several companies including Southern Petrochemical Industries Corporation Limited and Voltas Ltd, among others.
Sibal is a retired IAS officer of Haryana cadre (1986 batch) with 38 years of experience in administration and governance. She has served as Secretary, Government of India. Currently, she serves as an Independent External Monitor in the Public Sector and as an Independent Director in Corporates.
Garg, with 39 years of diverse banking experience, has held significant positions including whole time Director at Bank of Baroda, Chief Executive for USA operations of the bank at New York, Managing Director of Bank of Baroda (Uganda) Ltd at Kampala and Chairman/Director of its subsidiaries in Guyana, Trinidad & Tobago and Kenya.
Beyond these, the board has former Executive Director of Punjab & Sind Bank Arvind Kumar Jain as Independent Director and Surinder Chawla, MD & CEO at Paytm Payments Bank.
