“The excess related party transactions entered into by the company with PPBL during the FY 2021-22 is without due approval of either the audit committee or the shareholders,” read the SEBI letter.
Responding to the RBI action, the Vijay Shankar-led company says that PPBL will take immediate steps to comply with the central bank’s directions.
RBI directs Paytm Payments Bank to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.
