Many agreements between Paytm and Paytm Payment Bank will end – this will affect customers

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INVC NEWS
Mumbai  :  Many agreements between Paytm and Paytm Payments Bank Limited may end. The board of Paytm has approved termination of several inter-company agreements with its associate entity, PPBL. Paytm’s parent company One 97 Communications had informed the stock exchanges about this on March 1.

Additionally, PPBL’s shareholders have agreed to simplify the Shareholders’ Agreement (SHA) to support PPBL’s governance, the company said. In its stock exchange update, One 97 Communications said the board approved the termination of the agreements on March 1, 2024, and amendments to the shareholders’ agreement.

Apart from this, Paytm and PPBL have agreed to terminate several inter-company agreements between Paytm and its group entities. Earlier, Paytm had announced that it will form new partnerships with other banks and take measures to provide seamless services to its customers and merchants. This step has come due to the regulatory action taken by the Reserve Bank of India (RBI) against Paytm Payments Bank.c

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