Vijay Shekhar Sharma Steps Down From Paytm Payments Bank Board Amid Crisis

Paytm said on Monday that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit, as the embattled digital payments company overhauls its board after a central bank clampdown.

The action against Paytm Payments Bank followed "serious supervisory concerns", including inadequate customer identify and a lack of arms-length distance with Paytm, sources had told Reuters.

The Reserve Bank of India has asked the banking unit to wind down its operations by March 15 due to persistent non-compliance and continued material supervisory concerns, triggering a meltdown in Paytm's stock.