India, Feb. 26 -- Paytm Monday informed that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments banks unit.

This comes as Paytm overhauls its board after a central bank clampdown.

The action against Paytm Payments Bank followed serious supervisory concerns, including inadequate customer identity and a lack of arms-length distance with Paytm, NDTV reported quoting Reuters.

The Reserve Bank of India has asked the banking unit to wind down its operations by March 15 due to persistent non-compliance and continued material supervisory concerns, triggering a meltdown in Paytms stock.

Srinivasan Sridhar, former chairman of state-owned Central Bank of India, former Bank of Baroda Executive Director...