Informist, Monday, May 6, 2024

MUMBAI – One97 Communications Ltd's President and Chief Operating Officer Bhavesh Gupta resigned on Saturday due to personal reasons, the company informed exchanges. Gupta, who oversaw the payments and lending businesses of the company, will be relieved from service on May 31 and will transition to an advisory role.

The company has appointed Varun Sridhar as chief executive officer of subsidiary Paytm Services Pvt Ltd, it said. Sridhar will focus on distribution of mutual funds and wealth management products. Rakesh Singh will assume the role of chief executive officer of the company's broking arm, Paytm Money.

Paytm Payments Bank, a wholly-owned subsidiary of One97 Communications, reconstituted its board in late February with the induction of four new directors and the resignation of Vijay Shekhar Sharma as part-time non-executive chairman and board member. The company had appointed Srinivasan Sridhar, former chairman of Central Bank of India, retired Indian Administrative Service officers Debendranath Sarangi and Rajni Sekhri Sibal, and former executive director of Bank of Baroda Ashok Kumar Garg as board members of the payments bank.

This was in addition to existing members, former executive director of Punjab & Sind Bank Arvind Kumar Jain as independent director and Surinder Chawla as managing director and chief executive officer.

On Jan 31, the Reserve Bank of India imposed operational restrictions on Paytm Payments Bank owing to continued non-compliance with regulations and significant supervisory concerns. The company has faced several key managerial level resignations recently. On Apr 8, Chawla resigned from the position of managing director and chief executive officer of the payments bank to explore better prospects.

At 1040 IST, shares of the company were down 4% at 354.80 rupees on the National Stock Exchange. End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Asmita Patil

Edited by Avishek Dutta

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