NEW DELHI, Jan 9 (Reuters) – Paytm Payments Bank, majority owned by billionaire Vijay Shekhar Sharma, has acquired India’s central financial institution’s approval to call Surinder Chawla as its new chief government, an announcement stated.

Last 12 months, India’s central bank barred Paytm Payments Bank from taking over new prospects and ordered a complete audit of its IT techniques, citing “material” supervisory issues noticed within the financial institution.

Paytm Payments Bank facilitates transactions on cell commerce platform Paytm.

In its assertion, One 97 Communications Ltd (PAYT.NS), the father or mother of fintech agency Paytm, stated India’s central financial institution has given its nod to nominate Surinder Chawla as Paytm Payments Bank’s managing director and chief government.

Paytm listed in 2021 after a mega $2.5 billion preliminary public supply.

Reporting by Mayank Bhardwaj, Editing by Louise Heavens

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