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Recently listed cash management firm CMS Info Systems on Wednesday appointed Manju Agarwal and Sayali Vasant Karanjkar to its board as independent directors, becoming the 166th company to have three or more women members on its board, out of the 1,866 companies listed on NSE.      

Manju Agarwal holds 34 years of experience across retail banking, digital banking, customer service and financial inclusion at policy, strategy and operations with State Bank of India (SBI). She retired as the Deputy Managing Director, Digital Banking and New Businesses, SBI.  

She has led SBI’s partnership with Reliance Industries Ltd to set up Jio Payments Bank Ltd. along with bank’s foray in transit and metro solutions and bank’s Jan Dhan program.  

She is a Post Graduate from University of Allahabad and is also an Independent Director on the boards of NBFCs including Hinduja Leyland Finance and Vistaar Financial Services, Gulf Oil Lubricants and PayTM Payments Bank, among others. 

Sayali Karanjkar is the Co-Founder of PaySense, a consumer lending startup and was the chief business officer at PayU Credit India. After co-founding and successfully scaling up PaySense, she sold the business to Naspers-backed PayU India for an equity value of $185 million.   

Prior to PaySense, she spent over 15 years in the US and Singapore with firms like AT&T and AT Kearney.   

She holds an MBA from the Kellogg School of Management, a Masters in Engineering Management from Northwestern University and a Bachelor’s degree from the National University of Singapore.   

She also serves as an Independent Director on the board of One Mobikwik Systems Limited.  

The appointment of the two new independent directors to the Board is for term of two years and subject to the approval of shareholders.   

The two independent directors with diverse experience across banking, digital banking and fintech join the current six-member Board of CMS Info Systems led by Shyamala Gopinath, Chairperson and Non-Executive Director.   

 “We are delighted to welcome Manju Agarwal and Sayali Vasant Karanjkar, who bring a huge experience from their diverse fields. CMS has always had high standards of governance. With this induction, we have further strengthened and diversified our board with complementary expertise in banking and fintech.  I am confident that their wide and extensive experience will prove invaluable and strengthen our position as we embark on the next leg of our growth post a successful IPO listing,” Rajiv Kaul, Executive Vice Chairman, whole time Director and CEO of CMS Info Systems said. 

“CMS Info Systems is in the top decile of select listed companies, which have three women directors on its Board including a Chairperson,” he added.

Baring PE Asia-owned CMS Info Systems filed for Rs 1,100 crore ($148 million) initial public offering that was entirely an offer-for-sale.  

Company’s shares got listed at a premium of 1.94% at Rs 220.2 apiece on December 31.  Its shares closed at Rs 239.6 apiece on Wednesday. 

The company’s businesses include ATM and Retail Cash Management, Currency Chest Automation, Bullion Logistics, Banking Automation Product Sales, Brown Label ATM and Managed Services, Multi-vendor Software Solution, AI based Remote Monitoring Services and Card Issuance, Management and Personalization.  

It caters to a broad set of outsourcing requirements for banks, financial institutions, organised retail and e-commerce companies in India.  

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