It has been reported that two independent directors of Paytm Payments Bank have left the board. According to sources, Manju Agarwal and Shinjini Kumar have left the company’s board.
Prior to this, Kumar worked for companies like Citibank, PwC India, and Bank of America Merrill Lynch in senior roles.
Agarwal worked for SBI for 34 years. She was a deputy MD at SBI prior to leaving. Three independent directors currently serve on the bank’s board: Arvind Kumar Jain, a former executive director of Punjab & Sind Bank; Pankaj Vaish, a former MD of Accenture; and Ramesh Abhishek, a former secretary of DPIIT.
Recently RBI has imposed several restrictions on Paytm Payments Bank. RBI has banned all services of Paytm Payments Bank since March. Only money transfer and withdrawal will be allowed. But no one will be able to top up their Paytm wallets from February 29. Company CEO Vijay Sharma has also met Finance Minister Nirmala Sitharaman and RBI officials.
After the RBI’s crackdown on Paytm Payments Bank, people’s concerns about digital payments have increased. But the Confederation of All India Traders (CAIT) has claimed that the trust created between merchants and consumers for digital payments will continue. The decision against Paytm will have no impact on the entire digital payment system.