Paytm founder and CEO Vijay Shekhar Sharma has resigned from his position as part-time non-executive chairman and board member of Paytm Payments Bank Limited (PPBL), almost a month after the Reserve Bank of India (RBI) initiated regulatory action against it.

One97 Communications Limited, the parent company of Paytm, has informed that PPBL has reconstituted its board, adding that Sharma’s resignation will “enable this transition”.

PPBL has also reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, One 97 Communications Limited said in a regulatory filing on Monday.