Paytm parent One97 Communications on Monday confirmed reports of Paytm Payments Bank Limited Independent Director Manju Agarwal’s resignation from the payments unit’s board. Paytm cited “personal commitments” for Agarwal’s resignation.
Agarwal, who served on the board since May 2021, has reportedly resigned from the board effective February 1. Her resignation came after the RBI on January 31 stopped the payments bank from accepting new customers and ordered them to stop their core banking services from February 29.
Meanwhile, Paytm shares jumped 4 percent in Monday’s trade. Shares of Paytm rose 3.56 percent to Rs 434.80 on BSE.
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The jump in the stock came after sources told news agency PTI that the central government is scrutinizing FDI from China in Paytm Payments Services, the payments subsidiary of One97 Communications, which has investment from Chinese firm Ant Group.
Additionally, Paytm’s board announced the formation of a group advisory committee chaired by former SEBI chairman M Damodaran to work on strengthening compliance and regulatory matters.
Former president of the Institute of Chartered Accountants of India (ICAI) MM Chitale, former RBI-nominated member of the Banking Codes and Standards Board of India, banking experts like R Ramachandran, Former chairman and managing director of Andhra Bank are part of the committee.
