PayU Payments Private Ltd (PayU), which is fintech arm of Global Consumer Internet Group Prosus, has appointed Renu Sud Karnad, a director at HDFC Bank, as chairperson and independent director of the company. 

This digital financial services provider has also inducted four more members to the board, taking the overall strength of the board to seven members including Anirban Mukherjee, Chief Executive Officer, PayU and Arvind Agarwal, Chief Finance Officer, PayU. All the five new directors have joined the board.

Karnad was managing director of India’s largest mortgage lender HDFC till July 2023 before it got merged with HDFC Bank. 

The other four directors who have joined PayU Board are Jairaj Purandare (Independent Director); Gopika Pant (Independent Director); Laurent Le Moal, (Non-Executive & Non-Independent Director) and Jan Bune (Non-Executive & Non-Independent director)

Anirban Mukherjee, CEO, PayU, said, “We’re delighted to have built an outstanding board to offer us counsel and guidance as we build full stack of digital financial services to serve India, advance digitisation and drive financial inclusion. With the Indian economy undergoing rapid transformation, PayU is poised to capitalise on leveraging the unparalleled online payments opportunity, expected to reach a $1 trillion internet economy by 2030. I’m deeply humbled and honoured that each of these eminent industry veterans have chosen to endorse our vision and accompany us on our journey. The collective wisdom of the board will greatly benefit us as we embark on the next phase of growth for PayU.”

“I’m especially pleased that Renu Sud Karnad has agreed to join our board of directors as chairperson. With a strong background in financial services, gained from her illustrious career, Renu will bring the skills and experience required to make a material contribution to PayU’s future,” he added.

Renu Sud Karnad said, “I am glad to be on the board of PayU Payments, a world-class company built in India and serving India as a key market. I look forward to helping the team to build a diversified financial services organisation promoting digitisation using cutting-edge technology.”