CURRENT AFFAIRS
CURRENT AFFAIRS
Description
In a momentous event, Paytm's Founder and CEO, Vijay Shekhar Sharma, has resigned from his position as part-time non-executive chairman and board member of Paytm Payments Bank. This move follows a restructure of the bank's board in response to regulatory concerns and a directive from the Reserve Bank of India (RBI) to cease operations by March 15.
Resignation Of Vijay Shekhar Sharma
Vijay Shekhar Sharma, who represents One97 Communications Ltd (OCL), has stepped down as Paytm Payments Bank's part-time non-executive chairman and board member.
This decision represents a substantial divergence from the bank's leadership under regulatory scrutiny and the need for structural improvements.
Board Restructuring
Paytm Payments Bank has restructured its board, including exclusively independent and executive directors.
The restructure intends to resolve the RBI's concerns about governance, compliance, and independence in the bank's activities.
RBI Clampdown And Supervisory Concerns
The RBI has taken action against Paytm Payments Bank, citing "serious supervisory concerns," such as client identification and potential conflicts of interest with Paytm.
The central bank's decree to cease operations by March 15 emphasizes the magnitude of noncompliance and regulatory failures inside the banking sector.
Ownership Structure
Vijay Shekhar Sharma owns 51% of Paytm Payments Bank, with the remaining portion held by One97 Communications, Paytm's parent company.
The decision to remove Sharma from the board is consistent with attempts to improve transparency and independence inside the banking company.
Welcome to Notopedia.com, your free learning platform that caters to the diverse needs of students and aspirants across a spectrum of entrance exams and educational endeavors. Whether you're preparing for highly anticipated exams like CAT 2023, NEET 2023, JEE Main, or bank job vacancies, our platform offers a wealth of resources to guide you towards success. Stay up-to-date with the latest exam dates, announcements, and results for various government recruitment exams, including SSC CGL, CHSL, NDA, and UPSC. Explore comprehensive study materials, sample papers, and exam patterns to hone your skills and boost your confidence. From important dates like CBSE Class 10 and 12 date sheets to exam-specific information like JEE Main 2023 application form date, we cover it all. Notopedia.com is your go-to source for everything from admissions and admit cards to scholarships and college information. Whether you're aiming for a career in defense, government, banking, or higher education, our free learning platform equips you with the knowledge and resources you need to excel. Join us in your educational journey and unlock a world of opportunities, guidance, and comprehensive support.
For more Updates and Information - Visit Notopedia's Bulletin Board
For Latest Sarkari Jobs - Visit Notopedia's Sarkari Jobs Section
For access to more than 20,000 Colleges - Visit Notopedia's College Section
For School Studies and Exams Preparation across 14 Boards - Visit Notopedia's School Section
For Comprehensive Preparation of Sarkari Job Exams - Visit Notopedia's Sarkari Exams Section
