March 1, 2024Anmol Nagpal

Paytm discontinues inter-company agreements with PPBL

Paytm said it has mutually agreed to discontinue various inter-company agreements with Paytm Payments Bank (PPBL) to “reduce dependencies", Reuters reported.

Source: Shutterstock

Paytm parent One97 Communications in its statement did not specify what agreements were being terminated.

Source: Paytm/Facebook

As per the company statement, PPBL has agreed to simplify the shareholders' agreement.

Source: Paytm

The goal is to enhance the governance of Paytm Payments Bank, making it more independent of its shareholders.

Source: Paytm

This decision comes days after Paytm CEO Vijay Shekhar Sharma resigned from the non-executive chairman and board member positions at PPBL.

Source: Vijay Shekhar Sharma/Instagram

Sharma owns 51 percent of the payments unit, while Paytm owns the rest.

Source: ANI