Paytm forms a group advisory committee led by M. Damodaran

The Board of One 97 Communications Limited announces the formation of a group advisory committee chaired by former SEBI Chairman Mr. M. Damodaran to work with the Board in further strengthening compliance and regulatory matters. The announcement has come amidst various restrictions imposed by the RBI on Paytm payments bank for violations of compliance norms.

Media reports also suggested that two prominent Independent Directors, Manju Agarwal and Shinjini Kumar, have resigned from the board. Agarwal is a former Deputy Managing Director of India’s largest commercial bank, SBI. Kumar has more than three decades of experience with Citi Bank, PwC, and Bank of America Merrill Lynch. She also held the post of Chief Executive at Paytm Payments Bank for over a year, until June 2017. As per the update available on the BSE website, the exchange has sought clarification from the company regarding these resignations.

The M. Damodaran-led committee includes veteran professionals like M.M. Chitale, former president of the Institute of Chartered Accountants of India (ICAI), and a former governing council member of the Banking Codes and Standards Board of India nominated by the RBI. A third member is R. Ramachandran, former Chairman and Managing Director of Andhra Bank. The company said in a statement that more members may be inducted as necessary.