India's Paytm bank gets central bank nod to name new CEO

The interface of Indian payments app Paytm is seen in front of its logo displayed in this illustration picture

NEW DELHI (Reuters) - Paytm Payments Bank, majority owned by billionaire Vijay Shekhar Sharma, has received India's central bank's approval to name Surinder Chawla as its new chief executive, a statement said.

Last year, India's central bank barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank.

Paytm Payments Bank facilitates transactions on mobile commerce platform Paytm.

In its statement, One 97 Communications Ltd, the parent of fintech firm Paytm, said India's central bank has given its nod to appoint Surinder Chawla as Paytm Payments Bank's managing director and chief executive.

Paytm listed in 2021 after a mega $2.5 billion initial public offer.

(Reporting by Mayank Bhardwaj, Editing by Louise Heavens)