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

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SUMMARY

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

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

Paytm plunged into a crisis after the Reserve Bank of India imposed fresh restrictions on Paytm Payments Bank for ‘persistent non-compliance’

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. 




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

SUMMARY

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

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

Paytm plunged into a crisis after the Reserve Bank of India imposed fresh restrictions on Paytm Payments Bank for ‘persistent non-compliance’

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. 




Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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