He replaces Deependra Singh Rathore, who was made interim CEO after Satish Kumar Gupta retired in October 2022.
Chawla joins from RBL Bank, the place – as head of department banking – he had targeted on increasing its present account, financial savings account (CASA) base, price income and cross-selling throughout channels.
The funds financial institution has obtained approval from the Reserve Bank of India (RBI) for Chawla’s appointment.
Paytm founder Vijay Shekhar Sharma, who’s the chairman of the funds financial institution, owns 51% stake within the entity, whereas the listed firm One 97 Communications Ltd holds the remaining 49% stake.
“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,” Sharma mentioned. “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.”
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Prior to becoming a member of RBL Bank in 2013, Chawla was with HDFC Bank for about 12 years in senior administration positions, together with head of the retail liabilities product group.
Chawla mentioned in a press release: “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.”
The appointment has come at a time when
RBI has barred Paytm Payments Bank from taking up new clients.
“Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by the Reserve Bank of India (RBI) after reviewing (the) report of the IT auditors,” the central financial institution mentioned in March final yr.
The ban stays in pressure.
In its second-quarter outcomes launched in November, Paytm had mentioned that it didn’t have a agency timeline on when it anticipated the banking regulator to permit it to open new funds financial institution accounts.