“As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities,” the company said in a stock exchange filing.
The Board of OCL approved the termination of agreements and amendment of SHA on March 1, 2024, it added.
Last month, in a regulatory action, the RBI barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29 – a deadline that was later extended to March 15.
Subsequently, Vijay Shekhar Sharma stepped down as part-time non-executive Chairman of Paytm Payments Bank and the board of the bank was been reconstituted. PPBL will commence the process of appointing a new Chairman.
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