Surinder Chawla Steps Down from Paytm Payments Bank
Surinder Chawla, the Managing Director and Chief Executive Officer of Paytm Payments Bank, has tendered his resignation, according to disclosures filed by One97 on the National Stock Exchange. Chawla cited personal reasons for his decision and will be relieved from his position on June 26.
Background of Surinder Chawla
Chawla joined Paytm Payments Bank in February the previous year, bringing with him extensive experience in the banking sector. Prior to joining Paytm, he served in key roles at RBL Bank and HDFC Bank, accumulating over two decades of experience in the industry.
Regulatory Scrutiny on Paytm Payments Bank
The resignation comes amidst regulatory actions by the Reserve Bank of India (RBI) against Paytm Payments Bank. In January, RBI imposed restrictions on the bank due to concerns regarding regulatory compliance. Although temporary relaxations were granted later, Paytm took steps to ensure the independent operations of the bank by discontinuing inter-company agreements.
Leadership Changes at Paytm
In addition to Chawla’s resignation, Vijay Shekhar Sharma stepped down from his position as part-time non-executive chairman and board member of Paytm Payments Bank. The company also announced a reconstitution of its board of directors, appointing five new directors.
Funding for Paytring
Meanwhile, fintech startup Paytring has secured pre-seed funding in its first strategic funding round led by Unlimit, a global fintech company. The amount raised remains undisclosed and will be utilized to accelerate product development, expand market reach, and acquire new customers. Co-founded by Keshav Munjal, Paytring offers a no-code solution for payment collection and facilitates global payments for Indian businesses. The platform simplifies the complex landscape of digital transactions, enhancing operational efficiency and improving the payment experience for end-users.
Paytring’s Mission
Debal Chakraborty, CTO and Co-founder of Paytring, expressed the company’s mission to address payment challenges worldwide. With extensive industry experience, Paytring aims to streamline payment operations and integration, making it easier for businesses to manage transactions effectively.
Unlimit’s Financial Services
Unlimit, the lead investor in Paytring’s funding round, offers a wide range of financial services including payment processing, banking as a service (BaaS), and solutions for cryptocurrency transactions. With a global presence spanning multiple cities, Unlimit provides comprehensive financial solutions to its clients.
Growth Prospects for Paytring
The funding received will enable Paytring to accelerate its growth trajectory, enhance its product offerings, and capture a larger market share. With support from Unlimit and a focus on innovation, Paytring is poised for significant expansion in the fintech landscape.
The leadership changes at Paytm Payments Bank and the funding secured by Paytring highlight the dynamism and evolution within the fintech industry. As regulatory scrutiny intensifies and innovation drives growth, companies like Paytring are well-positioned to thrive in an increasingly competitive market.
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