At a time when the role of corporate boards is once again under the scanner, independent directors on the Paytm Payments Bank board have indicated that red flags were raised over regulatory issues but they may have been late in doing so. "As independent directors, we asked questions and monitored responses to the Reserve Bank of India (RBI). Many changes were made on compliances. "Obviously, in retrospect, it was not found to be enough," said one of the independent directors on the condition of anonymity.
Historically, such large years are not followed by another huge year. So, strictly going by that, we should be less enthusiastic, says Pankaj Vaish, MD, Nomura Financial Advisory.
The Reserve Bank has rejected applications of Flipkart co-founder Sachin Bansal-backed company Chaitanya India Fin Credit Private Limited, and five others for setting up banks as these were "not found" suitable, an official statement said on Tuesday. The RBI in a statement said the examination of six applications has now been completed as per the procedure laid down under the guidelines. "Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks," it said.
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