Paytm Payments Bank independent director quit after RBI crackdown - Hindustan Times
close_game
close_game

Paytm Payments Bank independent director quit after RBI crackdown

Feb 09, 2024 09:50 AM IST

Paytm Payments Bank independent director Manju Agarwal had resigned from the board with effect from February 1.

Paytm Payments Bank independent director Manju Agarwal resigned from the board following the Reserve Bank of India action.

According to a PTI report, Agarwal had resigned from the board with effect from February 1. This comes a day after the central bank barred the Paytm Payments Bank from accepting new deposits or top-ups in customer accounts, wallets, FASTags or other instruments from February 29.

The Paytm Payments Bank is an associate of One97 Communications Limited, which holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL(Bloomberg)
The Paytm Payments Bank is an associate of One97 Communications Limited, which holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL(Bloomberg)

The Paytm Payments Bank is an associate of One97 Communications Limited, which holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. CEO Vijay Shekhar Sharma has a 51 per cent stake in the bank.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

On Thursday, the central bank had said that the action against Payments Bank was taken due to ‘persistent non-compliance’.

“Our emphasis is always on bilateral engagement with the regulated entities with a focus on nudging them for corrective action. And sufficient time is given for undertaking such corrective action. When such constructive engagement does not work or when the regulated entity does take effective action, we go for imposing supervisory or business restrictions," RBI governor Shaktikanta Das had said.

Days before the RBI statement, Paytm founder and CEO Vijay Shekhar Sharma had met both RBI and finance minister Nirmala Sitharaman. According to reports, the central bank had refused to grant concessions to the payments gateway including the extension of February 29 deadline.

During his meeting with Sitharaman, Sharma was told by the minister that the action against Paytm Payments Bank is a regulatory issue and the government cannot help the company with.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live, Jio Financial Services Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Saturday, April 20, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On