Independent director Manju Agarwal quits Paytm Payments Bank board

Paytm’s parent One97 Communications (OCL) confirmed that Manju Agarwal, an independent director at Paytm Payments Bank (PPBL), has resigned from its board on 1 February citing ‘personal commitments’.

“We hereby submit that PPBL is our associate entity and this event is not deemed material for the company and does not impact the operations/business of the company,” OCL said.

There were four independent directors at the payments bank. These include Manju Agarwal, Shinjini Kumar, a seasoned banker, Ramesh Abhishek, a former bureaucrat, and Pankaj Vaish, who is a startup mentor and former managing director of Accenture.

Agarwal, a former deputy managing director of the State Bank of India, resigned from the board this month.

Meanwhile, the board of OCL, last week, announced the setting up of a three-member group advisory committee to strengthen corporate governance matters within the firm. Paytm Payments Bank also floated a request for proposal (RFP) from external auditors.

Former Securities and Exchange Board of India (Sebi) chairman M Damodaran will head this committee and work with the OCL board to strengthen compliance and regulatory matters.