The board of India’s Paytm Funds Financial institution is impartial and able to addressing regulatory issues, the chief government officer of digital funds agency Paytm, formally often called One97 Communications Ltd, (OCL) mentioned on Monday.
“I, personally or anybody from OCL, don’t have any reference to the funds financial institution,” Vijay Shekhar Sharma mentioned at a webinar.
“There may be an impartial board caring for every little thing and we’ve full religion of their functionality.”
The Reserve Financial institution of India (RBI) in late January had ordered Paytm Funds Financial institution to cease accepting new deposits in its accounts or digital wallets from March, citing supervisory issues and chronic non-compliance with guidelines.
Paytm Funds Financial institution’s mum or dad is One 97 Communications, popularly often called Paytm for its digital funds app.
One97 owns 49 p.c within the funds financial institution, whereas Sharma holds the remaining 51 p.c.
In February, following the RBI’s order, Sharma stepped down as non-executive chairman and board member of Paytm Funds Financial institution.
Final month, Paytm was granted a third-party software supplier license by the nation’s funds authority, which is able to allow it to facilitate funds after its banking unit ceased operations.
The license will permit prospects to proceed utilizing the Paytm app for funds via India’s in style unified cost interface (UPI), after Paytm Funds Financial institution ceased operations by March 15, following regulatory motion as a result of non-compliance with sure norms.
Axis Financial institution, HDFC Financial institution, State Financial institution of India and Sure Financial institution will act as cost system supplier banks to Paytm, the Nationwide Funds Company of India (NPCI) had mentioned in a press release on the time.
© Thomson Reuters 2024
