Paytm Payments Bank Faces Regulatory Hurdles; CEO Steps Down

Vijay Shekhar Sharma resigns amid RBI's clampdown, leading to a significant board overhaul and government scrutiny.

Vijay Shekhar Sharma resigns as non-executive chairman and board member of Paytm Payments Bank amidst regulatory challenges.
The Reserve Bank of India (RBI) orders Paytm Payments Bank to wind down operations by March 15 due to compliance issues and supervisory concerns.
Paytm Payments Bank undergoes a major board overhaul, appointing four new independent and executive directors.
Finance Minister Nirmala Sitharaman convenes a meeting with fintech industry representatives, signaling government attention to fintech sector challenges.
Paytm's stock value experiences a significant drop following the RBI's order, but shows signs of recovery amid efforts to address regulatory concerns.