Paytm discontinues inter company agreements with paytm payments bank Vijay Shekhar Sharma

Fintech company Paytm has taken a big step amid the ongoing crisis. Paytm's parent company One97 Communications has increased its distance from Paytm Payments Bank, which is embroiled in controversies. For this, many inter-company agreements have been terminated.

Paytm founder shared update

Paytm founder Vijay Shekhar Sharma gave this information in an update on social media platform X on Friday morning. He updated- Shareholders of Paytm and PPBL (Paytm Payments Bank Limited) have agreed to discontinue various inter-company agreements. He also attached the stock exchange filing along with this post on X.

Paytm and all PPBL shareholders have agreed to discontinue various inter company agreements with PPBL.

See the stock exchange filing for details:https://t.co/QklKOu44Ag

— Vijay Shekhar Sharma (@vijayshekhar) March 1, 2024

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Board of Directors approved

Paytm's parent company One97 Communications is listed in the stock market. The company informed BSE and NSE about this recent development today on March 01. It was told in the disclosure that the Board of Directors of the company has approved the proposal to cancel various inter-company agreements with associate company Paytm Payments Bank Limited.

These services of Paytm will continue to work

Paytm says that several measures are being taken to independent the operations of Paytm Payments Bank Limited. Ending the inter-company agreement is part of those efforts. The company also added in the statement that One97 Communications and its various services including Paytm App, Paytm QR, Paytm Soundbox and Paytm Card Machine will continue to work without any interruption.

Impact of action on these services

Paytm is facing difficulties these days. RBI has taken action against Paytm Payments Bank due to failure in various compliances including KYC. RBI has banned many services of Paytm Payments Bank. RBI's action has affected many services like Paytm Wallet and Paytm Fastag. Under this, it will not be possible to add money to Paytm wallet or recharge Fastag after March 15. Money will not be credited to various accounts opened in Paytm Payments Bank after March 15. However, if there is balance left in Paytm wallet or Fastag, it can be used even after March 15 till it gets exhausted. Similarly, even after March 15, money can be withdrawn from the Paytm Payments Bank account.

Also read: These laborers got big relief, the impact of inflation reduced last month

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