PayU Payments appoints former HDFC chief Renu Sud Karnad as new Chairperson

Prosus-owned payments giant PayU Payments has significantly bolstered its board of directors, appointing five new members in a strategic move that expanded the board's strength to seven on February 29, according to a report by Moneycontrol. This diverse group brings a wealth of experience in finance, law, and business leadership, aiming to provide valuable guidance and support to PayU as it navigates the ever-evolving payments landscape in India.

Leading the new appointees is Renu Sud Karnad, the former Managing Director of Housing Development Finance Corporation (HDFC), who will serve as the Chairperson of the board, the report added. Her extensive experience leading one of India's largest financial institutions is expected to be invaluable as PayU Payments seeks to expand its reach and offerings.

Mint reported in 2022, that the HDFC Bank board of directors approved the reappointment of Renu Karnad as Non-Executive Director for a period of five years with effect from September 3, 2022.

Renu Karnad has been the Managing Director of Housing Development Finance Corporation Limited (HDFC) since 2010. She is a postgraduate of Economics from the University of Delhi and holds a degree in Law from the University of Mumbai. She is also a Parvin Fellow‐Woodrow Wilson School of Public and International Affairs, Princeton University, USA.

Gopika Pant, Managing Partner at Indian Law Partners, and Jairaj Purandare, Founder and Chairman of JMP Advisors Pvt Ltd, join the board as independent directors, strengthening its composition with independent perspectives and legal expertise, according to Moneycontrol.

Further bolstering the board's industry knowledge is Laurent Le Moal, the former Global CEO of PayU group, who joins as a non-executive director. His deep understanding of the global payments market will be crucial for PayU as it continues to grow its international presence. Jan Bune, a former Partner at Deloitte Netherlands, also joins as a non-executive director, bringing valuable experience in consulting and corporate governance to ensure sound decision-making and best practices.