Advisory panel, auditors: Paytm pulls out all the stops to win RBI over
Paytm is under intense regulatory and investor scrutiny after RBI last week ordered Paytm Payments Bank to stop accepting deposits in its accounts or popular digital wallet after Feb. 29.
- Feb 10, 2024,
- Updated Feb 10, 2024 7:49 AM IST
Paytm Payments Bank has reportedly floated a request for proposal to external auditors to assess the bank for compliance and know-your-customer process.
The move comes a day after the fintech formed a panel, headed by a former Sebi chief, to work with its board for strengthening compliance as it battles regulatory strictures.
The panel will be headed by Meleveetil Damodaran, who formerly headed the Securities and Exchange Board of India, Paytm parent One97 Communications Ltd. said in a filing Friday. The three-member panel also comprises the former head of a prominent chartered accountant body and the ex-chairman of a state-run bank.
Also read: A former regulator, CA and banker: Meet the people Paytm picked to solve the mess it's in
One97’s “management is committed to drive sustainable business growth, while adhering to a regulatory and compliance framework,” it said in the statement.
Paytm is under intense regulatory and investor scrutiny after India’s banking regulator last week ordered Paytm Payments Bank Ltd. — another unit of billionaire Vijay Shekhar Sharma’s fintech empire — to stop accepting deposits in its accounts or popular digital wallet after Feb. 29, dealing a massive blow to the founder’s ambitions.
Shares of One97 have tumbled more than 40% since the Reserve Bank of India’s surprise action.
Paytm Payments Bank has reportedly floated a request for proposal to external auditors to assess the bank for compliance and know-your-customer process.
The move comes a day after the fintech formed a panel, headed by a former Sebi chief, to work with its board for strengthening compliance as it battles regulatory strictures.
The panel will be headed by Meleveetil Damodaran, who formerly headed the Securities and Exchange Board of India, Paytm parent One97 Communications Ltd. said in a filing Friday. The three-member panel also comprises the former head of a prominent chartered accountant body and the ex-chairman of a state-run bank.
Also read: A former regulator, CA and banker: Meet the people Paytm picked to solve the mess it's in
One97’s “management is committed to drive sustainable business growth, while adhering to a regulatory and compliance framework,” it said in the statement.
Paytm is under intense regulatory and investor scrutiny after India’s banking regulator last week ordered Paytm Payments Bank Ltd. — another unit of billionaire Vijay Shekhar Sharma’s fintech empire — to stop accepting deposits in its accounts or popular digital wallet after Feb. 29, dealing a massive blow to the founder’s ambitions.
Shares of One97 have tumbled more than 40% since the Reserve Bank of India’s surprise action.