Paytm ends inter-company agreement with Paytm Payments Bank. Loktej Business News
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New Delhi, March 01 (Hindustan Reporter) Paytm has canceled the inter-company agreement with Paytm Payments Bank (PPBL). The board of directors of One97 Communications, the company that operates online payment platform Paytm, has approved termination of the agreement amid the RBI action on associate entity Paytm Payments Bank. Paytm has said that its services will continue uninterrupted.
One97 Communications announced the decision in a regulatory filing on Friday. According to the information given to the stock market, this step has been taken to reduce the dependence on each other between the two companies. The company said that the board of directors has approved the termination of these agreements and amendments in the shareholder agreements on March 1, 2024.
In a stock exchange filing, One97 Communications said the company and its subsidiary PPBL have taken additional steps to strengthen its vision towards independent operations of Paytm Payments Bank. It is noteworthy that the Reserve Bank of India (RBI) has barred PPBL from accepting new deposits or top-ups in customer accounts, wallets, Fastag and other instruments after March 15, 2024.
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