The organising of the committee comes at a time when Paytm Payments Bank Ltd, majorly owned by Paytm Founder and CEO Vijay Shekhar Sharma, has come beneath scrutiny of RBI.
The committee will advise the corporate on strengthening compliance and on regulatory issues, in accordance with a inventory trade submitting.
Fintech agency One97 Communications, which owns the Paytm model, on Friday introduced the organising of a gaggle advisory committee headed by former Sebi Chairman M Damodaran, amid its affiliate funds financial institution entity dealing with regulatory motion for non-compliance with RBI norms.
The committee will advise the corporate on strengthening compliance and on regulatory issues, in accordance with a inventory trade submitting.
Update: Announcing the formation of a Group Advisory Committee chaired by former SEBI Chairman M. Damodaran, to work with our Board in additional strengthening compliance & regulatory issuesThe committee consists of M.M. Chitale, former President of ICAI, and R. Ramachandran,… pic.twitter.com/AAw8YZLXUU
— Paytm (@Paytm) February 9, 2024
Paytm advisory committee members
Former President of the Institute of Chartered Accountants of India (ICAI) M M Chitale and former Chairman and Managing Director of Andhra Bank R Ramachandran are a part of the panel chaired by Damodaran.
“The Group Advisory Committee will work closely with the board. The committee will induct additional members, as necessary,” the submitting mentioned.
Chitale has additionally served as a governing council member of the Banking Codes and Standards Board of India nominated by the Reserve Bank of India (RBI).
Among different obligations, Damodaran had chaired excessive-powered committees for the Union authorities, RBI and was additionally elected Chairman of the EMC of the International Organisation of Securities Commission (IOSCO), the submitting mentioned.
The organising of the committee comes at a time when Paytm Payments Bank Ltd, majorly owned by Paytm Founder and CEO Vijay Shekhar Sharma, has come beneath scrutiny of RBI.
On January 31, RBI directed the Paytm Payments Bank to cease accepting deposits or high-ups in buyer accounts, wallets, FASTags and different devices after February 29.
RBI mentioned the motion was taken resulting from persistent non-compliance by the entity with regulatory tips.
RBI on Thursday mentioned that the regulatory motion is in opposition to Paytm Payment Bank Ltd (PPBL) and Paytm App is not going to be impacted by it.
“Just one clarification, this particular action is against Paytm Payments Bank and not to be confused with Paytm App…App is not impacted by this action,” RBI Deputy Governor Swaminathan J mentioned within the media interplay after the bi-month-to-month Monetary Policy Committee (MPC) assembly.
Acknowledging that the RBI has obtained suggestions from the broader public, RBI will probably be popping out with a set of FAQ (often requested questions) to assuage the issues.
