Paytm Payments Bank Director Manju Agarwal resigns, causing even another shock

Causing another shock to the company, Paytm Payment Bank's independent director Manju Agarwal has resigned from the banking division, according to sources.

Manju Agarwal has resigned from the Paytm Payments Bank board on February 1, citing personal reasons. She was serving in PPBL since May 2021. 

According to the regulatory filing, Paytm said, “We hereby submit that our associate entity, Paytm Payments Bank Limited (PPBL), has informed us that Manju Agarwal, Independent Director resigned from the Board of PPBL on February 01, 2024, due to her personal commitments which was noted by PPBL Board on February 06, 2024.”

Meanwhile, the payments company announced on Friday that one week after the Reserve Bank of India (RBI) directed Paytm Payments Bank to shut down the majority of its activities, it would establish an advisory group on compliance and regulatory problems. Former president of the Institute of Chartered Accountants of India (ICAI) MM Chitale and former chairman and MD of Andhra Bank R Ramachandran are among the three-member committee.