Paytm Payments Bank Ltd independent director Manju Agarwal has resigned from the board due to personal reasons, Paytm said in a regulatory filing on Monday.
Agarwal resigned from PPBL a day after the RBI issued an order to Paytm Payments Bank to stop accepting deposits or top-ups into customer accounts, wallets, FASTags and other instruments after February 29.
“Paytm Payments Bank Ltd (PPBL) has informed us that Ms. Manju Agarwal, Independent Director, has resigned from the Board of Directors of PPBL on February 1, 2024, due to her personal commitments which were indicated by the Board of Directors of PPBL on February 6, 2024.” Paytm informed the stock exchange in response to the clarification sought by the exchanges.
Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL). One97 Communications owns 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.
Paytm Payments Bank independent director Shinjini Kumar has also resigned from the board of directors with effect from February 1, 2024.
However, the PPBL has not responded to the media query sent in this regard.
The RBI has said PPBL’s persistent non-compliance with regulatory guidelines despite nudges over a period of time eventually led to crackdown on fintech.
Earlier, on June 19, 2018, the RBI banned PPBL from opening any new accounts and wallets with effect from June 20, 2018, due to supervisory concerns, which were lifted by the RBI on December 27, 2018, with effect from December 31, 2018. .
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First published: February 13, 2024 | 00:12 IS