As part of this process to reduce dependencies, Paytm and Paytm Payments Bank have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities.
One 97 Communications (Paytm) shares are in focus on Friday morning after Paytm and Paytm Payments Bank (PPBL) mutually agreed to discontinue various inter-company agreements. In a BSE filing, Paytm said the company and its associate entity, PPBL, introduced additional measures to strengthen their approach towards independent operations of PPBL.
As part of this process to reduce dependencies, Paytm and Paytm Payments Bank have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities. Further, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL’s governance, independent of its shareholders. The Board of OCL approved the termination of agreements and amendment of SHA on March 1, 2024.
Paytm had announced earlier that it would sign up new partnerships with other banks and take measures to provide seamless services for its customers and merchants. In its intimation to stock exchanges on Feb 1, 2024, the company had indicated the possible financial impact.
As informed earlier, One 97 Communications Limited and its services that include the Paytm app, Paytm QR, Paytm soundbox and Paytm Card machines will continue to work uninterrupted. Paytm is committed to uphold the highest standards of market leading innovation and technology enabled solutions for its customers.