Mumbai, India - January 5, 2022
CMS Info Systems announced the appointment of two new women independent directors Ms Manju Agarwal and Ms Sayali Vasant Karanjkar on its Board of Directors. 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 Ms. Shyamala Gopinath, Chairperson and Non-Executive Director. The appointments are in keeping with the company’s high standards of corporate governance.
Welcoming the appointments, Mr. Rajiv Kaul, Executive Vice Chairman, whole time Director and CEO, said: “CMS Info Systems is in the top decile of select listed companies, which have three women directors on its Board including a Chairperson. The Board showcases diversity and has eminent personalities hailing from a diverse background including ex-RBI and ex-SBI and fintech experience among others. Our Board is now strongly positioned as we continue with our commitment to high corporate governance standards. We have built a strong foundation entering into 2022 and we hope to build on the momentum in the coming years.”
Mr. Kaul added, "We are delighted to welcome Ms Manju Agarwal and Ms Sayali Vasant Karanjkar to the Board who bring a huge experience them from diverse fields. CMS has always had high standards of governance - whether it was as a PE-owned private company or now as a public listed company. 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."
Ms. Manju Agarwal has 34 years of banking experience with State Bank of India, in India and overseas in retail banking, digital banking, customer service and financial inclusion at policy, strategy and operations. She has led SBI’s partnership with Reliance Industries Ltd to set up Jio Payments Bank Ltd., and also led the govt business, transaction banking and issuing & acquiring business of the bank. She led the bank’s foray in transit and metro solutions and bank’s Jan Dhan program. Ms. Agarwal retired as the Deputy Managing Director, Digital Banking & New Businesses, SBI.
She is a Post Graduate from University of Allahabad, an Associate of the Indian Institute of Bankers, Certification in Documentary Credits, by Euro Money, UK, Certification in Marketing, by IIM, Kolkata and Certification in Financial Inclusion, by Harvard Kennedy School, USA. Ms. Agarwal is also an Independent Director on the boards of NBFCs such as Hinduja Leyland Finance and Vistaar Financial Services, Gulf Oil Lubricants and PayTM Payments Bank, among others.
Ms. Sayali Karanjkar is the co-founder of PaySense, a leading consumer lending company where she led the business, growth and operations functions and was the chief business officer of PayU Credit India. After co-founding and successfully scaling-up PaySense, Ms. Karanjkar sold the business to Naspers backed PayU India for an equity value of $ 185 million.
Prior to PaySense, Ms. Karanjkar spent 15+ years in US and Singapore building and executing strategies for leading consumer and retail companies in the US with AT&T in California and with AT Kearney in Chicago. 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. Ms. Karanjkar 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. These appointment highlights the wide diversity of the CMS Info Systems’ Board of Directors. 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 Ms. Shyamala Gopinath, Chairperson and Non-Executive Director. CMS Info Systems is among 166 companies that have three or more women members on its Board out of 1,866 companies listed on NSE.
CMS is India’s largest cash management company based on number of ATM points and number of retail pick-up points as of March 31, 2021, as well as one of the largest ATM cash management companies worldwide based on number of ATM points as of March 31, 2021. (Source: Frost & Sullivan)
CMS 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, organized retail and e-commerce companies in India.
CMS Promoter is Sion Investment Holdings Pte. Limited (an affiliate of Baring Private Equity Asia, Asia’s largest private equity firm that has over US$27 billion assets under management as of June 30, 2021)