• Source:JND
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Paytm Payment Bank:  Surinder Chawla, the managing director and CEO of Paytm Payments Bank, submitted his resignation on April 8th, according to a stock exchange filing. Chawla is resigning due to personal reasons, to pursue better career opportunities, and will be leaving PPBL on June 26th, the release said.

One 97 Communications, the parent company of Paytm Payments Bank, said in a statement to the stock exchanges that 'almost all agreements between the company and PPBL have been terminated' and the board of Paytm Payments Bank has been reconstituted with five independent directors, including an independent chairman, and there is no nominee from the company. Earlier, Vijay Shekhar Sharma had resigned as a board member of Paytm Payments Bank on February 26.

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On January 31, the RBI imposed significant business restrictions on PPBL, including a ban on accepting new deposits and credit transactions after February 29. On February 16th, the deadline was extended to March 15th. Later, on March 14th, the National Payments Corporation of India (NPCI) gave Paytm's parent company One97 Communications Limited (OCL) permission to participate in UPI services as a third-party application provider (TPAP) in a multi-bank model.

Following regulatory action, Paytm's banking arm Paytm Payment Bank Ltd (PPBL) ceased operations on March 15th, but the eagerly anticipated license will enable Paytm to continue providing Unified Payments Interface (UPI) services to its app users. Under the new model, Paytm will now provide payment services in partnership with four new banks –  HDFC Bank, State Bank of India, Axis Bank, and Yes Bank – acting as its Payment System Provider (PSP).

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