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paytm: Surinder Chawla appointed as MD & CEO of Paytm Payments Bank

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Paytm Payments Bank has appointed Surinder Chawla as managing director and CEO, Paytm’s parent entity One 97 Communications said in a regulatory filing on Sunday.

He replaces Deependra Singh Rathore, who was made interim CEO after Satish Kumar Gupta retired in October 2022.

Chawla joins from RBL Bank, where – as head of branch banking – he had focused on expanding its current account, savings account (CASA) base, fee revenue and cross-selling across channels.

The payments bank has received approval from the Reserve Bank of India (RBI) for Chawla’s appointment.

Paytm founder Vijay Shekhar Sharma, who is the chairman of the payments bank, owns 51% stake in the entity, while the listed company One 97 Communications Ltd holds the remaining 49% stake.

“I am pleased to welcome Surinder to Paytm Payments Bank to drive our unwavering commitment to deepening financial inclusion and offering an exceptional mobile-first banking experience in India,” Sharma said. “His rich experience in banking and deep understanding of the Indian financial landscape will bring the necessary expertise to further empower Paytm Payments Bank’s mission.”

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Prior to joining RBL Bank in 2013, Chawla was with HDFC Bank for about 12 years in senior management positions, including head of the retail liabilities product group.
Chawla said in a statement: “As we continue on our journey to provide accessible, convenient banking options to all of our customers with the highest standards of compliance and operational excellence, I am excited to contribute to our shared mission of driving large-scale financial inclusion.”

The appointment has come at a time when
RBI has barred Paytm Payments Bank from taking on new customers.

“Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by the Reserve Bank of India (RBI) after reviewing (the) report of the IT auditors,” the central bank said in March last year.

The ban remains in force.

In its second-quarter results released in November, Paytm had said that it did not have a firm timeline on when it expected the banking regulator to allow it to open new payments bank accounts.

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Paytm Payments Bank has appointed Surinder Chawla as managing director and CEO, Paytm’s parent entity One 97 Communications said in a regulatory filing on Sunday.

He replaces Deependra Singh Rathore, who was made interim CEO after Satish Kumar Gupta retired in October 2022.

Chawla joins from RBL Bank, where – as head of branch banking – he had focused on expanding its current account, savings account (CASA) base, fee revenue and cross-selling across channels.

The payments bank has received approval from the Reserve Bank of India (RBI) for Chawla’s appointment.

Paytm founder Vijay Shekhar Sharma, who is the chairman of the payments bank, owns 51% stake in the entity, while the listed company One 97 Communications Ltd holds the remaining 49% stake.

“I am pleased to welcome Surinder to Paytm Payments Bank to drive our unwavering commitment to deepening financial inclusion and offering an exceptional mobile-first banking experience in India,” Sharma said. “His rich experience in banking and deep understanding of the Indian financial landscape will bring the necessary expertise to further empower Paytm Payments Bank’s mission.”

Discover the stories of your interest



Prior to joining RBL Bank in 2013, Chawla was with HDFC Bank for about 12 years in senior management positions, including head of the retail liabilities product group.
Chawla said in a statement: “As we continue on our journey to provide accessible, convenient banking options to all of our customers with the highest standards of compliance and operational excellence, I am excited to contribute to our shared mission of driving large-scale financial inclusion.”

The appointment has come at a time when
RBI has barred Paytm Payments Bank from taking on new customers.

“Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by the Reserve Bank of India (RBI) after reviewing (the) report of the IT auditors,” the central bank said in March last year.

The ban remains in force.

In its second-quarter results released in November, Paytm had said that it did not have a firm timeline on when it expected the banking regulator to allow it to open new payments bank accounts.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

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