PayU Payments has appointed three new directors to its board. After receiving the final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator, the company named Subhash Mundra, former Deputy Governor of the Reserve Bank of India as its board member.

The Gurugram-based payments company has appointed Mundra and Manoj Kumar Agarwal, co-founder and president of AI startup DevRev, as non-executive independent directors. 

Ashutosh Sharma, head of investments and M&A for India at Prosus Ventures, has been appointed as a non-executive, non-independent director. 

With the appointments, PayU’s board now comprises of eleven members, including five independent directors. 

"I welcome Subhash Mundra, Manoj Kumar Agarwal, and Ashutosh Sharma to the PayU Payments Board," said Renu Sud Karnad, chairperson of the PayU Payments board. "Their insights will be crucial in developing proprietary technologies while maintaining the highest standards of security and compliance."

In addition to his role at the RBI, Mundra previously led Bank of Baroda as chairman and managing director and has served on boards including BSE Ltd., Airtel Payments Bank, and Havells India. 

Agarwal, who will serve in an independent capacity, is a former SVP of engineering at Nutanix, where he played a key role in the firm’s IPO. 

On the other hand, Sharma currently sits on the boards of several Prosus-backed startups, including Swiggy, Meesho, and PharmEasy. He has led Prosus’ India investment strategy for nearly a decade. 

PayU recently secured final approval from the RBI to operate as a payment aggregator.