MUMBAI: Paytm founder and chairman Vijay Shekhar Sharma has stepped down as Non-Executive Chairman and Board Member of Paytm Payments Bank Ltd (PPBL) after the Reserve Bank of India (RBI) directed the company to stop its cash transactions by March 15. The RBI had barred the company from accepting deposits and credits from any customer post-March 15 for persistent non-compliance and continued material supervisory concerns in the bank.

The RBI had earlier said that the ban would come into effect on February 29. However, the date was later extended considering the public interest of the traders.

After the RBI action, the ED had launched an investigation against Paytm. The probe is being conducted into the alleged violation of the Foreign Exchange Management Act (FEMA).