The advisory committee, fashioned by Paytm proprietor One97 Communications after the Reserve Financial institution of India’s motion on Paytm Funds Banks, is but to determine the crux of the problem with the troubled fintech agency, stated the top of the panel and former Sebi chairman M Damodaran on Sunday.
“We’re an exterior advisor. At this level they (Paytm) are coping with RBI,” stated Damodaran whereas mentioning that the panel is but to succeed in on the part the place it will be capable of determine the issue.
As per the January 31 order, the RBI requested PPBL to cease additional deposits, credit score transactions, or top-ups in any buyer accounts, pay as you go devices, wallets, FASTags, and Nationwide Widespread Mobility Playing cards, after February 29. Later, the central financial institution prolonged the deadline until March 15.
Paytm on February 9 introduced establishing of a bunch advisory committee headed by Damodaran. The committee was set as much as advise the corporate on strengthening compliance and on regulatory issues.
When requested about his prima facie views on the problems that will have an effect on the fintech agency, he stated, “It’s too early. We’ve got not bought to that stage.”
(Extra to come back)
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Revealed: 25 Feb 2024, 10:06 PM IST
