Paytm To Discontinue Various Agreements With Its Payments Bank
One97 Communications Ltd. and Paytm Payments Bank have agreed to discontinue various inter-company agreements.
Both companies have mutually agreed to proceed with this to strengthen independent operations for Paytm Payments Bank, according to an exchange filing on Friday.
The shareholders of the bank have also agreed to simplify the shareholder agreement. This has been done in order to support the governance of the company, independent of its shareholders.
The termination of agreements has been approved by Paytm's board on March 1, 2024, along with the amendment of the shareholder agreement, the filing said.
The move comes in response to the Reserve Bank of India's stringent curbs on Paytm Payments Bank on Jan. 31. NDTV Profit previously reported that the central bank found loopholes in the governance standards at the bank in terms of linkage between the entity and its parent company, One97 Communications Ltd.
On Feb. 26, Paytm's founder and chief executive resigned from the bank's board. OCL also withdrew its nominee, Bhavesh Gupta, from the bank's board as a director and board member.
OCL then, reconstituted a new board, with four new people joining.
In the latest exchange filing, Paytm reassured that the app, Paytm QR, soundbox and card machines will continue to work uninterrupted.
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