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Paytm Funds Financial institution’s dad or mum is One 97 Communications.
The board of India’s Paytm Funds Financial institution is unbiased and able to addressing regulatory issues, the chief government officer of digital funds agency Paytm, formally often called One97 Communications Ltd, (OCL) mentioned on Monday.
“I, personally or anybody from OCL, don’t have any reference to the funds financial institution,” Vijay Shekhar Sharma mentioned at a webinar.
“There’s an unbiased board taking good care of all the things and we’ve full religion of their functionality.”
The Reserve Financial institution of India (RBI) in late January had ordered Paytm Funds Financial institution to cease accepting new deposits in its accounts or digital wallets from March, citing supervisory issues and chronic non-compliance with guidelines.
Paytm Funds Financial institution’s dad or mum is One 97 Communications, popularly often called Paytm for its digital funds app.
One97 owns 49% within the funds financial institution, whereas Mr Sharma holds the remaining 51%.
In February, following the RBI’s order, Mr Sharma stepped down as non-executive chairman and board member of Paytm Funds Financial institution.
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