PAYTM WILL FORM ADVISORY PANEL ON COMPLIANCE AND REGULATORY PANELS
- NEWS Desk Global
- Feb 9, 2024
- 1 min read
In response to recent regulatory challenges, Paytm announced on Friday the establishment of an advisory committee focused on compliance and regulatory matters. This strategic move follows the Reserve Bank of India's (RBI) mandate for Paytm's banking affiliate to suspend a majority of its operations due to compliance issues. The committee, chaired by M Damodaran, former chairman of India's markets regulator, is expected to collaborate closely with Paytm's board.
The RBI's directive last week instructed Paytm Payments Bank to halt various business operations, including deposits, credit products, and its widely used digital wallets, by February 29, citing "persistent non-compliance." Paytm Payments Bank plays a pivotal role in facilitating deposits for Paytm users, enabling them to conduct transactions through the app.
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