Paytm founder Vijay Shekhar Sharma has stepped down as part-time non-executive chairperson and board member of Paytm Payments Bank Limited.
This decision aligns with the Reserve Bank of India's directive, issued on January 31, which prohibits the bank from accepting fresh deposits after February 29, with a later extended deadline of March 15. Citing persistent non-compliances and supervisory concerns, the central bank mandated a comprehensive system audit.