![\"Paytm](\"https:\/\/c.ndtvimg.com\/2024-04\/qdkvkcvo_paytm-generic-reuters_625x300_09_April_24.jpeg\"\/ "\\"Paytm")
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Paytm’s shares are down nearly 50% since the RBI’s order against its banking unit. (Representational)<\/p>\n<\/div>\n
India’s Paytm said on Tuesday that Surinder Chawla had resigned as the chief executive officer and managing director of its banking unit Paytm Payments Bank “on account of personal reasons”.<\/p>\n
The company said the resignation would be effective from June 26 but did not shed light on any potential successor to Chawla.<\/p>\n
The exit follows the stepping down of Paytm’s top boss Vijay Shekhar Sharma as non-executive chairman of Paytm Payments Bank, as part of a major board overhaul that followed a central bank clampdown on the digital payments firm’s banking unit.<\/p>\n
The Reserve Bank of India (RBI) had asked Paytm Payments Bank to wind down its operations by March 15 due to persistent compliance issues and supervisory concerns, triggering a meltdown in Paytm’s stock.<\/p>\n
Paytm, formally known as One 97 Communications, and its banking unit also mutually agreed to end various inter-company agreements, as part of Paytm’s efforts to cut ties with its troubled banking unit.<\/p>\n
However, as a relief to the digital payments firm, India’s payments authority granted a third-party app licence to Paytm, enabling it to facilitate payments after its banking unit ceased operations.<\/p>\n
Axis Bank, HDFC Bank, State Bank of India and Yes Bank act as payment system provider banks to Paytm, the National Payments Corporation of India had said.<\/p>\n
Paytm’s shares are down nearly 50% since the RBI’s order against its banking unit. They settled 2% lower on Tuesday.<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n<\/div>\n
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