Paytm distances itself from Payments Bank after RBI cancels PPBL’s banking licence

Paytm (One 97 Communications Limited), which had floated the Paytm Payments Bank Ltd (PPBL), has distanced itself from its payments bank, calling it “associate entity” aft the Reserve Bank of India cancelled its banking licence.

“As antecedently disclosed connected March 1, 2024, the Company [Paytm] does not person immoderate vulnerability to PPBL oregon immoderate worldly concern arrangements with PPBL. No services provided by the Company are successful concern with PPBL,” it said successful a filing with exchanges.