Paytm Confirms Exit Of Manju Agarwal From Paytm Payments Bank’s Board

Fintech giant Paytm, which plunged into a crisis after the Reserve Bank of India (RBI) imposed fresh restrictions on Paytm Payments Bank, on Monday (February 12) confirmed the exit of independent director Manju Agarwal from the board of the bank.

In an exchange filing, Paytm said Agarwal tendered her resignation from the board of Paytm Payments Bank due to “her personal commitments” on February 1. 

The company also said that the payments bank is its associate entity and the departure of the independent director is not deemed material for the company and does not impact its operations. 

Last week, Inc42 reported that independent directors Agarwal and Shinjini Kumar tendered their resignations from the board of the troubled payments bank.

Agarwal joined Paytm after a 34-year stint with the State Bank of India. She was also associated with the National Payments Corporation of India (NPCI) and Jio Payments Bank in the past.

Currently, she holds the position of independent director on the board of multiple listed companies like Polycab, Gulf Oil Lubricants, and Hinduja Leyland Finance. 

On the other hand, Kumar also served as the chief executive of Paytm Payments Bank, a position she held for over a year till June 2017. She has over 30 years of experience in the Indian financial services sector. 

Meanwhile, the exchanges have also sought clarity from Paytm on reports that it is close to winning an approval for investment in its payments gateway arm, Paytm Payments Services.

The investment, which is reportedly less than $12 Mn, will enable Paytm to scale up its payments gateway vertical. The matter, which has been pending before the authorities for at least two years now, could offer some relief for the fintech major in the middle of a full-blown regulatory crisis.

Earlier today, it was also reported that an inter-ministerial committee is examining foreign direct investment (FDI) from China into Paytm Payments Services.