Paytm And Paytm Payments Banks To Discontinue Various Internal Agreements - Here's Why

The Board of One 97 Communications Ltd approved the termination of agreements and amendment of SHA on March 1. Paytm had previously announced that it would form new partnerships with other banks and take measures to ensure seamless services for its customers and merchants.
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Paytm And Paytm Payments Banks To Discontinue Various Internal Agreements - Here's Why (image source: Getty Images)

Paytm And PPBL: One 97 Communications Ltd the parent company of the troubled fintech platform has informed in an official regulatory filing that the Company have approved the discontinuation of various inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL).
“We (Paytm) wish to inform you that, the Board of Directors of the Company on March 01, 2024, through circulation, have approved the discontinuation of various inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL)”, said One 97 Communication.

Paytm And PPBL Discontinuation Internal Agreements To Reduce The Dependencies

To reduce dependencies, Paytm and PPBL have mutually decided to terminate various inter-company agreements with Paytm and its group entities. Moreover, PPBL’s shareholders have agreed to simplify the Shareholders Agreement (SHA) to support PPBL’s governance, independent of its shareholders.

Paytm Says Termination of Agreements Doesn't Impact Services

The Board of One 97 Communications Ltd approved the termination of agreements and amendment of SHA on March 1. Paytm had previously announced that it would form new partnerships with other banks and take measures to ensure seamless services for its customers and merchants.
In its intimation to stock exchanges on February 1, the company had indicated the possible financial impact of these changes.
The filing also clarified that One 97 Communications Limited and its services, including the Paytm app, Paytm QR, Paytm soundbox, and Paytm Card machines, will continue to work uninterrupted.
The filing added that Paytm is committed to upholding the highest standards of market-leading innovation and technology-enabled solutions for its customers.

Reconstitution of The Board of Directors: Vijay Shanker Sharma Resignation

Earlier on February 26, One 97 Communications Ltd (OCL) announced that its associate bank, Paytm Payments Bank Limited, has reconstituted its Board of Directors. The new appointees include Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and Retd. IAS Rajni Sekhri Sibal.
In the same exchange filing earlier, it was informed that founder Vijay Shekhar Sharma has resigned from the Board of Paytm Payments Bank to facilitate this transition.

Paytm Share Price

Paytm shares added nearly 4 per cent on Friday and reached an intraday high of Rs 423 per share as of at the time of reporting this story, after the regulatory filing.
End of Article
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