Paytm Payments Bank fiasco: Independent directors raised concerns

Red flags were raised on regulatory issues but they may have been late

At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so.

“As independent directors, we asked  questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. Obviously,  in retrospect, it was not found to be enough,” said one of the independent directors on the condition of anonymity.

It has been gathered that while independent directors were concerned with anti-money laundering and operational