The exit follows the venturing down of Paytm’s top officer Vijay Shekhar Sharma as non-chief executive of Paytm Installments Bank. Prominent fintech organization Paytm on Tuesday declared that Surinder Chawla has stepped down as the CEO of its financial unit Paytm payments Bank “because of individual reasons”.

 The organization said the acquiescence would be compelling from June 26, without revealing any data on the expected replacement to Chawla. Speaking to this, the company said, “Surinder Chawla, Managing Director and CEO of PPBL has tendered his resignation on April 8, 2024, on account of personal reasons and to explore better career prospects. He will be relieved from PPBL w.e.f. close of business hours on June 26, 2024, unless changed by mutual consent,”

Chawla’s abdication comes in the midst of Paytm payments Bank confronting prohibitory activity from the Reserve Bank of India. Chawla was designated as MD and President of the payments bank in January 2023 after the organization got a gesture from the RBI. Founder of Paytm Vijay Shekhar Sharma last month ventured down as part time non-Executive chairman of Paytm payments Bank limited, prompting a reconstitution of the load up with experienced figures from the financial area and retired IAS officials.

 Prior to joining PPBL, Chawla was working with RBL Bank, where he filled in as Head – Branch Banking and specialized in on extending the CASA base, expense income, and strategically pitching across channels. The bank’s board currently contains five independent chiefs, including a independent chairperson.

The company filing said, “In line with our ongoing efforts, the company continues to collaborate with banking partners to enhance our merchant acquiring and UPI services.”