PayU appoints former RBI deputy governor, two others to its board

Digital payments company PayU announced on Friday that it had expanded its board by appointing three new directors.

Subhash Mundra, former deputy governor of the Reserve Bank of India (RBI), and Manoj Kumar Agarwal, cofounder of security solutions company DevRay, will join the board as non-executive independent directors.

Ashutosh Sharma, head of investments and M&A for India at Prosus Ventures, will join as a non-executive, non-independent director. This takes the board strength to 11.


PayU is a subsidiary of Prosus, which is the Netherlands-listed fintech arm of South African technology investor Naspers.

With this expansion, PayU will accelerate investments in technology critical to building a full-stack digital financial services platform for merchants, banks, and customers, the company said in a statement.

"(The new directors') strategic guidance will be instrumental in strengthening PayU's evolution into a comprehensive provider of digital payments, financial and technological services," CEO Anirban Mukherjee said in the statement.

The fintech company secured final approval from the RBI to operate as an online payment aggregator (PA) on May 13. This was more than a year after it had received in-principle approval from the banking regulator to operate this business. It has since been onboarding new merchants.