Paytm Payments Director Manju Agarwal Quits From Company Board

Paytm Payments Bank Ltd. confirmed on Monday, Feb. 12, that Manju Agarwal, an independent director, has quit from the board. The Indian financial technology company said via its recent exchange filing that the executive filed his resignation on Feb. 01.

Decision to Exit

Paytm Payments Bank further said that Agarwal was a director at its banking unit. As per the Times of India, in her resignation letter, she indicated that some personal commitments made her leave. The company did not elaborate on these undertakings or engagements.

“We hereby submit that our associate entity, Paytm Payments Bank Limited, has informed us that Manju Agarwal, Independent Director resigned from the Board of PPBL on Feb. 01, 2024, due to her personal commitments which were noted by the PPBL Board on Feb. 06, 2024,” the company said in the regulatory filing.

Financial Express reported that Agarwal has been part of the PBBL board since May 2021. She is also a former deputy managing director at the State Bank of India (SBI).

Compliance and Regulatory Concerns

After confirming a director of its banking unit has resigned from her post, Paytm Payments also shared its plans to address some regulatory issues. The company said it will form an advisory committee that will solely focus on matters related to compliance and regulations.

This comes after the Reserve Bank of India (RBI) banned Paytm Payments Bank from accepting deposits, including top-ups in customer accounts, wallets, prepaid instruments, FASTags, and others, starting March 2024. It was said that RBI’s decision to bar PPBL from performing such transactions resulted from an in-depth system audit report and compliance validation report of external auditors. RBI imposed the major restrictions after the reports revealed Paytm Payments’ persistent non-compliance, which calls for further supervisory action from the regulators.

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