Business/Technology

Paytm’s Strategic Move: Empowering Compliance with Advisory Committee Headed by Former SEBI Chief Amidst the Paytm Fiasco

Paytm’s Strategic Move with Advisory Committee Amidst RBI Scrutiny

In a strategic response to the Reserve Bank of India’s (RBI) recent directive, One 97 Communications, the parent company of PPB, has unveiled a meticulous plan. The formation of a group advisory committee, spearheaded by the esteemed former SEBI Chairman M. Damodaran, signifies a proactive step in navigating the complex regulatory landscape.

Paytm creates an advisory group led by M Damodaran, the former head of SEBI. (Pc:CNBC)

This comprehensive three-member committee boasts a wealth of experience. M. Damodaran, renowned for his role in SEBI, will be joined by Mukund Manohar Chitale, the former president of the Institute of Chartered Accountants of India (ICAI), and Ramachandran Rajaraman, the former Chairman and Managing Director of Andhra Bank. Their collective expertise positions them as invaluable guides in fortifying compliance and navigating regulatory intricacies.

Also read: Exclusive: SBI Chairman Dinesh Khara Denies Communication with Paytm Regarding Business Transfer

This strategic move comes in the aftermath of the RBI’s decision to restrict PPB from onboarding new customers, causing a significant impact on Paytm’s market valuation. The company’s shares witnessed a substantial decline of 45% in February, reflecting the gravity of the regulatory challenges.

pc:Menafn

The advisory committee’s primary objective is to collaborate closely with the board, demonstrating Paytm’s commitment to sustainable business growth within the parameters of a robust regulatory framework. The commitment to regulatory adherence is emphasized through the formation of this committee, showcasing Paytm’s proactive approach in addressing concerns raised by the regulatory authorities.

Also read: Exclusive: Paytm CEO Vijay Shekhar Sharma Seeks FM Sitharaman’s Intervention Amid RBI Crisis

This initiative also signals the company’s preparedness to face regulatory hurdles head-on. As the RBI’s action against PP banking arm reverberates through the financial markets, the establishment of this advisory committee underscores the critical intersection of technology, finance, and regulatory compliance in India’s dynamic business landscape.

Also read: Revolt at SAP: Over 5,000 Employees Rebel Against Radical Return-to-Office, Feeling Betrayed by U-Turn on Remote Work Policy

In the face of these challenges, Paytm’s founder, Vijay Shekhar Sharma, showcases strategic acumen by assembling an advisory committee with members possessing a deep understanding of financial regulations. The unfolding saga, from regulatory scrutiny to market reactions, highlights the evolving dynamics and complexities of the fintech sector in India. PPB’s proactive measures reflect a commitment to maintaining the delicate balance between innovation, growth, and regulatory compliance in the ever-evolving financial ecosystem.

desisamachaar.com

Recent Posts

Telugu Stars Vote in Lok Sabha Polls: Allu Arjun Stresses Neutrality, Jr NTR and Chiranjeevi Cast Ballots

Telugu Stars Vote: Allu Arjun, Jr NTR, Chiranjeevi Cast Ballots In a display of civic…

7 months ago

Ranbir Kapoor Revives Classic Hairstyle, Elicits Nostalgia Among Fans Amid ‘Ramayana’ Shoot: Viral Photo Sparks Admiration

Ranbir Kapoor Unveils New Hairstyle Amidst Nitesh Tiwari's "Ramayana" Buzz In the ever-evolving world of…

8 months ago

Laapataa Ladies’ Nitanshi Goel Turns Heads at Met Gala 2024 with Character-Inspired Look

Aamir Khan Productions celebrates Nitanshi Goel's Met Gala debut in her Laapataa Ladies character Aamir…

8 months ago

Election Commission Directs X to Remove Karnataka BJP’s ‘Objectionable Post’ Targeting Congress

EC Directs X to Remove BJP's Karnataka Unit's "Objectionable Post" In a recent development on…

8 months ago

Ranveer Singh’s Wedding Photos: Archived, Not Deleted – Here’s the Inside Scoop!

The Enigma of Ranveer Singh's Instagram Drama A recent report indicates that Ranveer Singh has…

8 months ago

Alia Bhatt’s Met Gala 2024 Attendance: Did She Shell Out Rs 63 Lakh? Unveiling the Cost of Walking the Red Carpet

Alia Bhatt Shines at Second Met Gala: Ticket Price and Career Highlights Alia Bhatt's radiant…

8 months ago