Paytm Payments Bank MD & CEO Surinder Chawla resigns citing personal reasons

Paytm listed as One 97 Communications Ltd said on Tuesday Surinder Chawla, Managing Director and CEO of Paytm Payments Bank Limited (PPBL) has tendered his resignation on April 8, 2024. The firm said Chawla resigned on account of personal reasons and to explore better career prospects.

The announcement was made after market hours today. He will be relieved from PPBL with effect from close of business hours on June 26, 2024, unless changed by mutual consent, the firm said.

"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, as per our disclosure on February 26, 2024. In line with our ongoing efforts, the company continues to collaborate with banking partners to enhance our merchant acquiring and UPI services," added the digital payment firm.

Shares of Paytm ended 1.95% lower at Rs 404.30 on Tuesday. The stock rose to an intraday high of Rs 416.45 against the previous close of Rs 412.35 on BSE. Market cap of the firm fell to Rs 25,689 crore. Paytm saw 1.78 lakh shares changing hands amounting to a turnover of Rs 7.23 crore on BSE.