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An advisory committee, set up by Paytm owner One97 Communications after the Reserve Bank’s action on its payments banking business, is yet to engage deeper with the company to identify any issues, the bank chief said. panel and former Sebi chairman M Damodaran. Sunday.
“We are an external advisor. Right now they (Paytm) are dealing with the RBI,” Damodaran said in response to a question on the impact on Paytm regarding the RBI’s January 31 order on Paytm Payments Banks Limited (PPBL ).
As per the January 31 order, the RBI asked PPBL to stop further deposits, credit transactions or top-ups on customer accounts, prepaid instruments, wallets, FASTags and National Common Mobility Cards, after February 29. The central bank later extended the deadline until March 15.
Paytm on February 9 announced the creation of a group advisory committee headed by Damodaran. The committee was created to advise the company on strengthening compliance and regulatory matters.
Asked about his prima facie views on issues that may impact the fintech company, he said: “It’s too early. We haven’t reached that stage.”
Damodaran was speaking at the publication of his biography ‘The Turmeric Latte’ compiled by one of his former colleagues at Sebi (Securities and Exchange Board of India).
During a panel discussion at the event, when asked about his opinion on the current functioning of Sebi, Damodaran said that the capital markets regulator has bandwidth issues regarding the large number of issues it has to handle. .
“Sebi has a huge challenge. The bandwidth seems inadequate to address the large number of issues they have to deal with. In the process, it sometimes seems like they are biting off more than they can chew,” Damodaran said.
The book, curated by former Tripura cadre IAS officer Dinesh Tyagi, who last served as Director General of CSC E-Governance, also features contributions from former colleagues of Damodaran, including former mines secretary Sushil Kumar.
The book also mentions the “threats” received by Damodaran, when he was joint secretary of the Ministry of Information and Broadcasting, for some decisions taken by him.
(Only the title and image of this report may have been modified by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: February 25, 2024 | 23:29 IS
