Paytm Payments Bank, an associate entity of One97 Communications (OCL), has appointed Arun Kumar Bansal as its new Managing Director (MD) and Chief Executive Officer (CEO). Bansal, a former executive at IDBI Bank, resigned from his position as Executive Director and Head of Treasury at IDBI Bank following the Reserve Bank of India’s (RBI) approval of his appointment. In his resignation letter, Bansal requested relief from his services at IDBI Bank on or before June 25, as the former MD and CEO of Paytm PB, Surinder Chawla, was set to retire on June 26.
Leadership Changes and Resignations
Surinder Chawla resigned from Paytm PB in April for personal reasons. His departure triggered further senior-level exits, including Bhavesh Gupta, President and COO of Paytm, who resigned in May, and Sumit Mathur, Chief Marketing Officer, who left in April after a year-long stint. Additionally, Paytm founder Vijay Shekhar Sharma stepped down as non-executive chairman of Paytm Payments Bank in March, leading to a reconstitution of its board.
Board Reconstitution
Paytm Payments Bank has restructured its board, inducting former bureaucrats and public sector bankers as independent directors. The new board members include former Central Bank of India chairman and MD Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Bank of Baroda Executive Director Ashok Kumar Garg, and retired IAS officer Rajni Sekhri Sibal.
Current Challenges
The leadership changes come as the bank faces restrictions from the banking regulator, adding to the operational challenges. The company’s internal restructuring aims to navigate these regulatory hurdles and stabilize its management structure.
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