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” after the Reserve Bank of India cancelled its banking licence.

“As previously disclosed on March 1, 2024, the Company [Paytm] does not have any exposure to PPBL or any material business arrangements with PPBL. No services provided by the Company are in partnership with PPBL,” it said in a filing with exchanges.