Paytm Payments Bank: Troubled Paytm has suffered another setback. Paytm's parent company One97 Communications has informed on Monday that Manju Agarwal, Independent Director of Paytm Payments Bank, has resigned from the company's board. His resignation has become valid from February 1. Paytm said that Manju Agarwal has decided to step down due to personal reasons. She was working on the board of the company since May 2021.
Manju Aggarwal resigned on 1 February
One 97 Communications said in its regulatory filing that Manju Aggarwal had resigned on February 1. This has been approved by the board of Paytm Payments Bank on 6 February. We want to inform that this decision will not have any impact on the company's business. Manju Aggarwal's resignation comes at a time when Paytm Payments is facing RBI ban. On January 31, RBI had banned the bank from taking any kind of deposits. Since then, question marks have been raised on the future of the bank.
Paytm shares surged
On Monday, Paytm shares rose by 4 percent on BSE. It has reached Rs 434.80. Along with this, the company has also constituted an advisory committee under the chairmanship of former SEBI chairman M Damodaran.
FDI investigation against Paytm Payments Bank
FDI investigation is being conducted against Paytm Payments Bank, which is facing action from the Reserve Bank of India (RBI). Paytm Payments Services Limited, a subsidiary of One 97 Communications, had received FDI from China. An inter-ministerial committee is investigating this investment from China in PPSL. China's Ant Group has invested in One 97 Communications. PPSL had applied for a license to RBI to operate as a payment aggregator and payment gateway in November 2020. However, RBI ordered the company to resubmit it in November 2022 so that Press Note 3 can be complied with under FDI rules.
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