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Paytm Discontinues Inter-Company Agreements With PPBL To Reduce Dependencies

Inc42 · 1y

Paytm and Paytm Payments Bank (PPBL) have mutually agreed to terminate various inter-company agreements to strengthen PPBL's independent operations, according to an exchange filing. In addition, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support the bank's governance, separate from its shareholders. The move comes after Paytm's founder and CEO, Vijay Shekhar Sharma, stepped down from the board of PPBL. Last month, the Reserve Bank of India imposed restrictions on the payments bank for non-compliance and supervisory concerns.