Paytm Payments Bank's Independent Director step down; Company Confirms

The Central Bank has stated that Paytm’s continued failure to adhere to regulatory guidelines despite repeated advisories prompted the strict measures taken against the fintech.

Paytm Payments Bank's Independent Director step down; Company Confirms

New Delhi: Indian Fintech company Paytm has confirmed the reports of the resignation of an independent director from its banking subsidiary Paytm Payments Bank amid the wake of the central bank directing to wind its most of its operations.
 

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Manju Agarwal stepped down from the fintech company board on February 1 instigating personal reasons and commitments. The company had previously announced its intention to establish an advisory committee focusing on compliance and regulatory issues.

According to the official statement, the formation of the committee comprising professionals such as MM Chitale, a former president of the Institute of Chartered Accountants of India and a former governing Council Member of the Banking Codes and Standards Board of India, nominated by RBI.

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The Central Bank has stated that Paytm’s continued failure to adhere to regulatory guidelines despite repeated advisories prompted the strict measures taken against the fintech.

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