By Kimberley Kao
The owner of Indian mobile-payments company Paytm has formed a group advisory committee after the Reserve Bank of India took regulatory action against an affiliate bank last month.
The three-member committee, led by Meleveetil Damodaran, a former chairman of India’s market regulator, will “work with the board in further strengthening compliance and regulatory matters,” One97 Communications said in an exchange filing Friday.
“The company’s management is committed to drive sustainable business growth while adhering to a regulatory and compliance framework,” One97 said.
India’s central bank on Jan. 31 ordered Paytm Payments Bank not to accept new customers or deposits, citing noncompliance with financial regulations and material supervisory concerns.
On Monday, One97 said an independent director had resigned from the affiliate lender, confirming media reports last week. Manju Agarwal resigned from the Paytm Payments Bank board on Feb. 1 due to personal commitments, an exchange filing showed.
Write to Kimberley Kao at [email protected]
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