Paytm confirms Manju Agarwal's resignation from Paytm Bank board due to personal commitments

Paytm: One97 Communications, the parent company of Paytm, has confirmed the resignation of Manju Agarwal, an independent director at Paytm Payments Bank Limited. According to Paytm, Agarwal cited "personal commitments" as the reason for stepping down from the board of the payments unit.

As per reports, Agarwal who was serving in the board since May 2021, resigned from the board with immediate effect on February 1. Her resignation came after RBI, on January 31, stopped the payments bank from onboarding new customers and ordered them to stop their key banking services from February 29.

Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday.

The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.

Withdrawal or utilisation of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions up to their available balance.

"We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. In instances, where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner banks. This ensures that our merchant partners face no disruptions, no need to revisit existing setups, and no additional effort," the blog said.

Paytm said its merchant partners can continue to benefit from solutions like Paytm QR codes, Soundbox, and card machines, just as before.

"Leading industry players across retail, entertainment, and beyond, such as Arvind Limited, Smaaash, BIBA, and more' stand testament to the strength of our partnerships, having experienced firsthand the benefits of our seamless payment solutions," the blog said.

Also Read: SEBI orders Zee Business guest experts to pay Rs 7.41 crore