Paytm to set up advisory panel

Feb 9, 2024

Mumbai: PaytmOne97 Communications, parent company of , on Friday said it will form a group advisory committee headed by former SEBI Chairman M Damodaran will help its board strengthen compliance and regulatory matters.
The committee will also include banking stalwarts like MM Chitale, former president of the Institute of Chartered Accountants of India, and R RamachandranFormer Chairman and MD of Andhra Bank.
The appointment of a high profile panel with members who have advised SEBI and RBI in the past is seen as a step towards ensuring that the listed company adheres to corporate governance standards. The fact that Paytm is empaneled with the parent company, and not the bank that is being accused, also indicates that the main focus of Paytm, which also owns the app, is the delivery business, and not the bank. Of wallet business. ,
Paytm said the committee will add additional members as needed. “The company's management is committed to promoting sustainable business growth while adhering to the regulatory and compliance framework,” the company said in a statement.
This development comes amid RBI's move to curb the operations of Paytm Payments Bank. Citing “persistent non-compliance”, the central bank has directed banks to stop accepting money in customer accounts from March 1, including wallets and other prepaid instruments like Fastag, National Common Mobility Card used in the metro. or any other equipment involved.
TOI had earlier reported that RBI found lakhs of cases of alleged KYC violations by the bank, raising concerns of money laundering as well as his inability to maintain distance with his parents, resulting in the agency imposing serious charges on him. Imposed restrictions. Founder and CEO of Paytm Vijay Shekhar Sharma The bank holds a 51% stake and One 97 holds a 49% stake. RBI Governor on Thursday… Shaktikanta Das Said the restrictions were proportionate to the “seriousness of the situation”.

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