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Paytm sets up new committee to advise on compliance matters

Paytm forms Advisory Committee led by ex-SEBI Chairman to address regulatory challenges and compliance issues.

Paytm on February 9 announced the formation of a Group Advisory Committee that will work with the Paytm Board on regulatory matters and strengthening compliance. It will be headed by former Securities and Exchange Board of India (SEBI) Chairman Meleveetil Damodaran. Other members of the Committee include MM Chitale, former president of the Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of the Banking Codes and Standards Board of India, and R Ramachandran, former Chairman and Managing Director of Andhra Bank. This comes in the wake of the Reserve Bank of India (RBI) placing major restrictions on Paytm Payments Bank, an associate company of Paytm. These restrictions have created trouble and uncertainty for Paytm and its customers and the company is scrambling to find new partners to keep its services and customers unaffected. The formation of this Committee might, however, be too little too late. RBI last week commented on the issues surrounding Paytm for the first time noting that it always provides entities enough time to implement corrective measures before it imposes any business restrictions and that the restrictions it imposes are proportional to the gravity of the situation. Given this stance, it is not clear if the formation of this Committee will assuage RBI's concerns. While neither RBI nor Paytm Payments Bank has shared any details about the exact non-compliance that led to this situation, media outlets have reported multiple reasons. “Reserve Bank of India had found 31 crore out of 35 crore Paytm Wallets…

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