The Reserve Bank of India has approved the nomination of senior banker Surinder Chawla as the new Managing Director (MD) and Chief Executive Officer (CEO) of India’s domestic Paytm Payments Bank, according to Paytm parent firm One 97 Communications on Sunday. Satish Kumar Gupta, the previous CEO of Paytm Payment Bank, retired in October 2022, and Chawla will take his place. Deependra Singh Rathore will serve as interim CEO. The necessary regulatory processes must be completed before his appointment is finalised.
The Indian-based bank had previously come under regulatory scrutiny. In March 2022, the RBI barred it from accepting new clients. According to the central bank, this decision was made in response to several important supervisory issues that it had noticed in the bank.
The RBI has approved the appointment of Chawla for a tenure of 3 years. “Chawla brings with him an illustrious career in Retail Banking spanning over 28 years across marquee institutions such as HDFC Bank, RBL Bank, ABN Amro Bank and Standard Chartered Bank,” the company said in a statement.
Chawla was welcomed to Paytm Payments Bank by Paytm founder and CEO Vijay Shekhar Sharma, who also serves as the bank’s board chairman, in order to advance the bank’s unshakable commitment to advancing financial inclusion and providing an unparalleled mobile-first banking experience in India. He added that Chawla’s banking experience and comprehensive knowledge of the Indian financial system will provide the required knowledge to promote the goals of Paytm Payments Bank.
The most recent hiring fits into PPBL’s continuous initiatives to fortify its leadership team, improve its technological capabilities, and promote financial inclusion in the nation. Chartered Accountant and seasoned banker Surinder Chawla joins PPBL from RBL Bank where he served as Head of Branch Banking and was responsible for growing the CASA base, fee income, and cross-selling across channels. Chawla was the lender’s Branch Banking Head prior to this.
In his capacity as Head of Branch Banking, Chawla worked to ensure that Branch Banking contributes to a strong retail franchise, which includes developing a strong distribution network and a robust liabilities book with a specific focus on growing the CASA base, gaining the proper market share, and making sure that RBL Bank becomes the primary bank for all current clients.
Before joining the RBL Bank in 2013, he had served for 12 years in important top management positions with HDFC Bank, India’s largest private lender. At HDFC Bank, Chawla most recently served as Head of the Retail Liabilities Product Group. At various periods in his career, Chawla served as the regional manager for the Southern, Eastern, and Northern areas while serving as Senior Executive Vice President at HDFC Bank, the largest private lender in India. Chawla is a seasoned professional with extensive expertise in the financial sector. The banker has prior experience working with and managing teams in Branch Banking, Direct Sales Product Management, Retail Asset Sales, and Relationship Management.
