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.

Manju Agarwal (Image courtesy: Paytm Payments Bank)

“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.

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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.

Who is Manju Agarwal?

(1.) She worked with the State Bank of India (SBI) for more than three decades (34 years), serving there in various roles, including General Manager (Network), Chief General Manager (Rural Business), and Deputy Managing Director & Chief Operating officer (COO).

(2.) Her final position with the country’s largest lender was as its Deputy Managing Director, Digital Banking and New Businesses.

(3.) At SBI, she also conceptualised and launched YONO, its digital banking platform, and led its partnership with Reliance Industries Limited (RIL) to set up Jio Payments Bank Limited.

(4.) At present, Agarwal is an independent director in several firms, including Polycab India, Gulf Oil, Hinduja Leyland Finance, and more.

(5.) Previously she served in the same capacity at Jio Payments Bank (Novemeber 2016-December 2019) and IFFCO Kisan Finance Limited (September 2019 to March 2023).

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