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Paytm discontinues inter-company agreements with its Paytm Payments Bank

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Paytm, the Indian fintech giant, has announced the termination of various inter-company agreements with its payments bank unit, Paytm Payments Bank (PPBL), in order to reduce dependencies. The move is aimed at enhancing the governance of Paytm Payments Bank and making it more independent. This comes after the Reserve Bank of India imposed restrictions on PPBL, directing it to cease further deposits, credit transactions, and top-ups on customer accounts due to non-compliance with banking norms and KYC requirements. Paytm CEO, Vijay Shekhar Sharma, recently resigned from his positions at PPBL.