Paytm Payments Bank appoints Arun Bansal as Managing Director and CEO

Noida: Paytm Payments Bank has announced the appointment of Arun Kumar Bansal as managing director (MD) and chief executive officer (CEO). Bansal is a former executive of IDBI Bank. Paytm Payments Bank is an associate entity of One97 Communications (OCL), which is the company responsible for the Paytm brand.

Bansal served as the executive director and head of treasury at IDBI Bank on a contract basis until his resignation. Bansal succeeds Surinder Chawla, the former MD and CEO of Paytm PB, as the new head of the payments bank. The organization is currently experiencing turmoil due to regulatory constraints imposed by the banking regulator. Following the RBI action, Chawla’s resignation from the company was followed by several senior-level departures from the group. Paytm Payments Bank had reconstituted its board by appointing former bureaucrats and public sector financiers.

The Board of Paytm PB has appointed a new set of independent directors, which includes Srinivasan Sridhar, a former chairman and managing director (MD) of the Central Bank of India, Debendranath Sarangi, a retired Indian Administrative Service (IAS) officer, Ashok Kumar Garg, a former executive director of the Bank of Baroda, and Rajni Sekhri Sibal, a retired IAS.

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