Paytm founder and CEO Vijay Shekhar Sharma has stepped down as the chairman of Paytm Payments Bank, according to an exchange filing, on Monday (Feb 26). This comes as the embattled company overhauled its board in the wake of a clampdown by India’s central bank – the Reserve Bank of India (RBI).

Paytm CEO Vijay Shekhar Sharma steps down from payments bank board amid crisis

The Indian fintech pioneer Paytm has been hit hard by the Reserve Bank of India for its “persistent non-compliance” with the central bank’s guidelines. Paytm had already been under the scanner of RBI, but the January 30 decision by the central bank has hit the fintech startup hard.

Will Paytm app work after Feb 29? What will happen to Paytm QR, soundbox, UPI payments? All you need to know

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns.

Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets

Paytm CEO Vijay Shekhar Sharma was arrested by the Delhi Police for allegedly ramming into a senior police official`s car in February and later was released on bail, a senior official confirmed the incident on Sunday.

Paytm CEO arrested for rash driving, later released on bail

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Paytm CEO Vijay Shekhar Sharma steps down from payments bank board amid crisis

Will Paytm app work after Feb 29? What will happen to Paytm QR, soundbox, UPI payments? All you need to know

Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets

Paytm CEO arrested for rash driving, later released on bail