Paytm Payments Bank is in deep soup. Two of its independent directors have resigned from its board, while the company has been trying to make amends to its operations.
Shinjini Kumar, former Bank of America and PricewaterhouseCoopers (PwC) executive, resigned from the company’s board in December, as per reports. Kumar also served as the chief executive of Paytm Payments Bank from 2016-2017. She is currently, the co-founder of Salt, a financial services platform for women.
Manju Agarwal resigned from Paytm Payments Bank, just days after the fintech company had restrictions imposed on its operations by Reserve Bank India (RBI).
The payments bank required more independent directors than executive directors. This lead to Kumar’s being included in a board meeting through invite.
As of now, post the exits, PPBL’s board consists of three independent directors. Arvind Kumar Jain, former executive director, Punjab & Sind Bank, ex-Accenture managing director Pankaj Vaish, and former Department for Promotion of Industry and Internal Trade (DPIIT) secretary, Ramesh Abhishek.