Paytm Payments Bank Limited (PPBL) has appointed Surinder Chawla as its new managing director (MD) and chief executive officer (CEO). According to a regulatory filing on Sunday, One 97 Communications said that the appointment of Chawla has been approved by the Reserve Bank of India (RBI). PPBL is an associate firm of One 97 Communications, which owns the Paytm brand.
The central bank, however, continues to bar Paytm Payments Bank from on-boarding new customers.
Chawla replaces Satish Kumar Gupta who retired in October 2022. Since then Deependra Singh Rathore has been serving as the interim CEO of PPBL.
Surinder Chawla has over 28 years of experience in retail banking across institutions such as HDFC Bank, RBL Bank, ABN Amro Bank, and Standard Chartered Bank.
A Chartered Accountant, Chawla joins PPBL from RBL Bank, where he served as head - Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels. Before joining RBL Bank in 2013, he spent nearly 12 years in key senior management positions at HDFC Bank, culminating in his role as head of the retail liabilities product group. As senior executive vice-president at HDFC Bank, Chawla also worked as the head for the Southern, Eastern and Northern regions at different points in his career.
Vijay Shekhar Sharma, chairman of Paytm Payments Bank Board, said, "I am pleased to welcome Surinder to Paytm Payments Bank to drive our unwavering commitment to deepening financial inclusion and offering an exceptional mobile-first banking experience in India. His rich experience in banking and deep understanding of the Indian financial landscape will bring the necessary expertise to further empower Paytm Payments Bank's mission.”
Surinder Chawla, MD and CEO, Paytm Payments Bank, said, "I am honored to join Paytm Payments Bank as the new MD and CEO at this fascinating juncture to participate in the ongoing digital banking revolution pioneered by PPBL. I look forward to taking the bank to even greater heights with the team of highly motivated professionals at PPBL. As we continue on our journey to provide accessible, convenient banking options to all of our customers with the highest standards of compliance and operational excellence, I am excited to contribute to our shared mission of driving large-scale financial inclusion."