New Delhi: Paytm on Monday confirmed that Manju Agarwal, an independent director at its banking arm Paytm Payments Bank Limited (PPBL), has resigned, saying in a regulatory filing that ‘personal commitments’ led to her exit.
“We hereby submit that our associate entity, PPBL, has informed us that Manju Agarwal, Independent Director, resigned from its Board on February 1, 2024, due to her personal commitments which was noted by PPBL board on February 6, 2024,” the Noida-based fintech giant said in its filing.
The company added: “We hereby submit that PPBL is our associate entity and this event (the resignation) is not deemed material for the company and does not impact our operations/business, as per the provisions of SEBI’s Regulation 30.”
On January 31, the Reserve Bank of India (RBI) imposed major business restrictions on Paytm Payments Bank, including a ban on accepting fresh deposits and doing credit transactions after February 29. The crackdown, RBI had said, was precipitated by the bank’s ‘persistent non-compliances’.
On February 9, the payments firm, founded and led by entrepreneur Vijay Shekhar Sharma, set up a three-member advisory panel to advise PPBL on compliance and regulation. The committee is headed by ex-Securities and Exchange Board of India (SEBI) chairman M Damodaran, and includes former president of the Institute of Chartered Accountants of India (ICAI), MM Chitale, and R Ramachandran, former chairman and MD of Andhra Bank.
