The board of India's Paytm Payments Bank is independent and capable of addressing regulatory issues, the CEO of digital payments company Paytm, formally known as One97 Communications Ltd (OCL), said on Monday.
“I, personally or anyone from OCL, have no connection with the payments bank,” Vijay Shekhar Sharma said during a webinar.
“There is an independent board that regulates everything and we have full confidence in their capabilities.”
The Reserve Bank of India (RBI) had in late January directed Paytm Payments Bank to stop accepting new deposits into its accounts or digital wallets from March, citing regulatory concerns and continued non-compliance with rules.
The parent company of Paytm Payments Bank is One 97 Communications, popularly known as Paytm for its digital payments app.
One97 owns 49% of the payments bank, while Mr Sharma owns the remaining 51%.
In February, Mr Sharma stepped down as non-executive chairman and board member of Paytm Payments Bank, following orders from the RBI.
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