The Reserve Bank of India has given its nod to Paytm Payments Bank to re-appoint Paytm CEO Vijay Shekhar Sharma as part-time chairman for a year.

"We have been informed that Paytm Payments Bank Ltd (PPBL) has received approval of RBI for the re-appointment of Vijay Shekhar Sharma as Part-time Chairman of PPBL, for a third term starting from May 23, 2023, for a period of one year", One97 Communications said in a regulatory filing.

Vijay Shekhar Sharma owns a majority stake in the company, with the remaining share owned by Indian firm One97 Communications Ltd.

In January this year, the Reserve Bank of India (RBI) approved the appointment of veteran banker Surinder Chawla as the new Managing Director and Chief Executive Officer of PPBL for three years.