March 03, 2024 17:26 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Sikh musician shot dead in suspected hate crime in US | Karnataka CM Siddaramaiah expresses confidence in arresting Rameshwaram Cafe bomber | BJP must win all 42 Lok Sabha seats in Bengal: PM Modi | Gautam Gambhir wishes to quit politics, requests JP Nadda to relieve him of political duties | Delhi court orders Bloomberg to take down 'defamatory' article against Zee
Hit by RBI restrictions, Paytm to set up advisory committee headed by ex-SEBI Chairman M Damodaran

Hit by RBI restrictions, Paytm to set up advisory committee headed by ex-SEBI Chairman M Damodaran

India Blooms News Service | @indiablooms | 10 Feb 2024, 02:25 am

Mumbai: One97 Communications, the fintech company that owns the Paytm brand, revealed on Friday that it would set up an advisory committee led by former SEBI Chairman M Damodaran, media reported.

This move comes as its associated payments bank entity encounters regulatory scrutiny for failing to adhere to RBI guidelines.

The committee's role, as outlined in a stock exchange filing, is to provide guidance to the company on enhancing compliance and addressing regulatory concerns.

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 will be also in the panel.

"The Group Advisory Committee will work closely with the board. The committee will induct additional members, as necessary," the filing said.

Chitale's has experience serving as a governing council member of the Banking Codes and Standards Board of India as a nominee of the Reserve Bank of India (RBI).

Damodaran has chaired several high-powered committees for the Union government and the RBI.

He was also elected Chairman of the EMC of the International Organisation of Securities Commissions (IOSCO), as mentioned in the filing.

The formation of this committee coincides with Paytm Payments Bank Ltd, predominantly owned by Paytm Founder and CEO Vijay Shekhar Sharma, facing scrutiny from the RBI.

On January 31, the RBI directed Paytm Payments Bank to cease accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29.

The RBI cited persistent non-compliance by the entity with regulatory guidelines as the reason for this action.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.