Following the Reserve Bank of India’s action, Paytm Payments Bank independent director Manju Agarwal resigned from the board of Paytm payments banks. In accordance to the report from Paytm, Agarwal had resigned from the board with effect and this comes a day after the central bank banned the Paytm Payments Bank from accepting new deposits or top-ups in customer accounts, wallets, FASTags or other instruments from February 29.

Even few official sources states that Shinjini Kumar, the former Bank of America and PricewaterhouseCoopers (PwC) executive, stepped down from the Paytm payments bank’s board in December.

As the Paytm Payments Bank is an associate of One97 Communications Limited, the leading mobile-internet company holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. In this, Vijay Shekhar Sharma, CEO has a 51 per cent stake in the bank.

Commenting on the Paytm crisis with reporters, Shaktikanta Das, RBI governor said the regulator would come out with clarifications soon. He also said, “Our emphasis is always on bilateral engagement with the regulated entities with a focus on nudging them for corrective action. And sufficient time is given for undertaking such corrective action. When such constructive engagement does not work or when the regulated entity does take effective action, we go for imposing supervisory or business restrictions".