New Delhi: In a fresh development, Paytm Payments Bank’s Managing Director and CEO Surinder Chawla has stepped down due to personal reasons, the parent company One97 Communications Limited said in a regulatory filing with the stock exchanges.

The Company would like to update you that it has been informed by its associate entity, Paytm Payments Bank Limited (PPBL) on Monday that Surinder Chawla, Managing Director and CEO of PPBL tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects, the company said in the filing.

He will be relieved from PPBL with effect from the close of business hours on June 26, 2024, unless changed by mutual consent.

His resignation comes amidst PPBL facing prohibitory action from the Central Bank RBI. In January this year, the RBI directed the PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29.

As informed earlier, 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.