In another jolt to Paytm Payments Bank, independent director Manju Agarwal resigned

Paytm Payment Bank: Troubled Paytm has suffered yet another setback. Paytm’s parent company One97 Communications on Monday informed that Paytm Payments Bank Independent Director Manju Agarwal has resigned from the company’s board. His resignation is effective from February 1. Paytm said Manju Agarwal has decided to resign due to personal reasons. She was serving on the company’s board since May 2021.

Manju Agarwal resigned on February 1.

Manju Agarwal resigned on February 1, One 97 Communications said in its regulatory filing. It has been approved by the board of Paytm Payments Bank on February 6. We would like to inform that this decision will not affect the business of the company. Manju Agarwal’s resignation comes at a time when Paytm Payments is facing an RBI ban. On January 31, the RBI had banned the bank from taking any kind of deposits. Since then, the bank’s future has been in question.

Paytm shares rise

Shares of Paytm rose 4 percent on BSE on Monday. It has reached Rs 434.80. Along with this, the company has also formed an advisory committee under the chairmanship of former SEBI chairman M. Damodaran.

FDI probe against Paytm Payments Bank

FDI is being investigated against Paytm Payments Bank, which is facing Reserve Bank of India (RBI) action. Paytm Payments Services Limited, a subsidiary of One 97 Communications, had received FDI from China. An inter-ministerial committee is investigating the Chinese investment in PPSL. China’s Ant Group has invested in One97 Communications. In November 2020, PPSL had applied to the RBI for a license to act as a payment aggregator and payment gateway. However, the RBI directed the company to resubmit it in November 2022 to implement Press Note 3 under the FDI rules.

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