Paytm, a leading fintech company, has decided to end several agreements with its payments bank unit, Paytm Payments Bank (PPBL), in order to reduce dependencies.
The parent company, One97 Communications, did not specify the exact agreements being terminated. PPBL has agreed to simplify its shareholder agreement to improve governance and independence.
The Reserve Bank of India (RBI) intervened due to PPBL’s non-compliance with banking norms and KYC requirements, raising concerns about potential money laundering and irregular transactions. The RBI flagged issues such as accounts being created without proper identification and transactions exceeding regulatory limits. Enforcement agencies were alerted to investigate the irregularities in PPBL accounts.
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