The banking regulator will meet industry bodies and other intermediaries next week to chart a course for migration of merchants and customers from Paytm. This and more in todays ETtech Morning Dispatch.
Paytm crisis: The Tokyo-based tech investor saw uncertainty growing in India’s regulatory environment, as well as over Paytm Payments Bank Ltd.’s license, Navneet Govil told Bloomberg News on Thursday.
Paytm founder Vijay Shekhar Sharma and PPBL managing director and chief, Surinder Chawla, are also members of the Noida-based payments bank board. PPBL faced regulatory issues after being barred by the RBI from accepting deposits or providing banking services after February 29.
RBI s audit of Paytm Payment Bank s risk management system found several deficiencies in the way it conducted due diligence while onboarding politically exposed persons (PEPs)
The committee will advise the company on strengthening compliance. Headed by former Sebi chief M Damodaran, it also has fomer President of the Institute of Chartered Accountants of India (ICAI) M M Chitale and former Chairman and Managing Director of Andhra Bank R Ramachandran.