Munish Varma, managing partner at SoftBank Investment Advisors, has stepped down from the board of Paytm citing "personal commitments and other pre-occupations", the company informed the BSE on Tuesday evening
Paytm informed the BSE that Varma had resigned from the board along with his alternate director Vikas Agnihotri.
Moneycontrol had earlier reported that Varma is preparing to step down from the boards of Paytm's parent One97 communication and PB Fintech, less than six months after the companies went public in India.
"This is to inform you that Mr. Munish Ravinder Varma, Non-Executive Director (Non-Independent) has tendered his resignation from the directorship of the Company and ceased to be Director w.e.f. closure of business hours on March 14, 2022, due to personal reasons and other pre-occupations," Policybazaar informed the BSE.
Softbank owns a 17.4 percent stake in Paytm and around 12.4 percent stake in Policybazaar.
Varma’s exit from Paytm comes after the Reserve Bank of India (RBI) last week banned Paytm Payments Bank from adding new customers.