Paytm fiasco: One97 Communication forms advisory panel headed by former SEBI chairman M Damodaran
BSE filing on Friday. The announcement came after the Reserve Bank of India's (RBI) action against Paytm's banking arm. In January, the Reserve Bank of India ordered Paytm Payments Bank to suspend its deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
Since the announcement, Paytm stock has lost around 40% of its wealth in the last one month. Recently, the Employees Provident Fund Organisation (EPFO) restricted deposits and credit transactions in Paytm Payment Bank accounts. The committee will be headed by retired IAS officer, Meleveetil Damodaran.
Earlier, he served as the chairman of SEBI. Moreover, he has chaired high-powered committees for the Government of India and the RBI. Mukund Manohar Chitale has served as the president of the Institute of Chartered Accountants of India (ICAI).
The third member of the committee, Ramachandran Rajaraman is the former chairman and managing director of Andhra Bank. The RBI on January 31 issued an order directing Paytm Payments Bank to stop onboarding new customers with immediate effect. The action was taken in response to non-compliance revealed in audit reports.
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