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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.
Over a decade ago, Vijay Shekhar Sharma transformed India’s digital payment landscape with Paytm. The recent RBI crackdown on its associate payments bank may, however, have put the brakes on the rapid rise of one of India’s most valued fintech unicorns
Learn about Vijay Shekhar Sharma's plan to remove 'Paytm' from Paytm Payments Bank to address regulatory and compliance pressures. Find out why the proposal was not formally presented and why Sharma remained on the board.