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Unfit to Serve: A Closer Look at Paytm Payment Bank s Former Independent Directors thewire.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thewire.in Daily Mail and Mail on Sunday newspapers.
Vijay Shekhar Sharma is stepping down as part-time non-executive chairman and board member at Paytm Payments Bank as part of a restructuring. This and more in todays ETtech Morning Dispatch.
At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. Obviously, in retrospect, it was not found to be enough, said one of the independent directors on the condition of anonymity.
Paytm founder Vijay Shekhar Sharma wanted to remove ‘Paytm from its name to quell mounting regulatory and compliance pressures on the fintech firm. However, did not carry out his plan and remains on the board of Paytm Payments Bank.