Paytm to form advisory committee on compliance, regulatory matters

Paytm parent One97 Communications on Friday said it would form a group advisory committee on compliance and regulatory matters.

The committee will be headed by Meleveetil Damodaran, former chairman of India’s markets regulator, and “will work closely with the board,” Paytm said in a press release.

The Reserve Bank of India last week ordered Paytm affiliate Paytm Payments Bank to wind down most of its business, including deposits, credit products and its popular digital wallets, by Feb. 29, citing “persistent non-compliance.”