Manju Agarwal, the independent director of Paytm Payments Bank, has resigned from the company board, a PTI report says. Citing sources, the PTI report says that Agarwal quit the Paytm board after the RBI issued a ban on the company’s banking operations on January 31. The Independent Director resigned with effect from February 1, the PTI report added.
Paytm Payments Bank Limited (PPBL) is affiliated with One97 Communications Limited (OCL). Through its subsidiary and direct holdings, One97 Communications possesses 49 percent of the paid-up share capital of PPBL. Vijay Shekhar Sharma holds a majority stake of 51 per cent in the bank.
Who is Manju Agarwal?
Manju Agarwal, whose resignation has now come to light, was associated with Paytm Payments Bank since 2021. The former SBI DMD, Agarwal joined the Paytm Payments Bank in May 2021.
What RBI said on Paytm Payments Bank
On Thursday, interacting with media after the MPC, RBI Governor Shakikanta Das said that the action by the central bank is result of ‘persistent’ non-compliance by Vijay Shekhar Sharma’s company. While many have been voicing the concerns over the impact of Paytm crisis on fintech sector in India, Das said that this entire episode was about just one company and there was no system issue.