In a major overhaul following the clampdown by the Reserve Bank of India (RBI), One 97 Communications Ltd (OCL) announced on Monday that the Paytm Payments Bank Limited has reconstituted its board of directors. As part of PPBL's top leadership rejig, ex-Central Bank of India Chairman Srinivasan Sridhar, Retd IAS Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and Retd IAS Rajni Sekhri Sibal will join the board, OCL announced on Monday.
"They have recently joined as Independent Directors," Paytm informed stock exchanges in a filing, adding, “OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee."
In the same exchange filing, the parent company informed that Vijay Shekhar Sharma will step down as as part-time non-executive Chairman and Board member to enable this transition. While Vijay Shekhar Sharma owns 51 per cent stake in Paytm Payments Bank, One 97 Communications owns the rest.
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