The CEO of Paytm, formally referred to as One97 Communications Ltd (OCL), reassured stakeholders during a webinar that the board of directors at Paytm Payments Bank operates independently and possesses the competence to address any regulatory issues.
Vijay Shekhar Sharma emphasized that neither he nor any representative from OCL has a direct involvement with the operations of the payments bank. He expressed confidence in the board’s ability to manage all matters effectively.
Earlier this year, the Reserve Bank of India (RBI) directed Paytm Payments Bank to halt the acceptance of new deposits in its accounts or digital wallets from March due to concerns regarding supervision and persistent non-compliance with regulations.
Paytm Payments Bank is a subsidiary of One97 Communications, commonly known as Paytm for its digital payments application. One97 Communications holds a 49% stake in the payments bank, while Mr. Sharma owns the remaining 51%. In response to the RBI’s directive, Mr. Sharma resigned from his position as non-executive chairman and board member of Paytm Payments Bank in February.
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