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Paytm to scrap agreements with bank unit

MUMBAI: Paytm on Friday said that the firm and its associate entity Paytm Payments Bank have mutually agreed to discontinue various inter-company agreements to "reduce dependencies". The shareholders of the bank have also agreed to simplify the shareholders' agreement to support its governance, independent of its shareholders.

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The development comes days after Paytm founder & CEO Vijay Shekhar Sharma stepped down as the non-executive chairman of PPBL's board, marking the end of his seven-year banking stint as a fintech entrepreneur. OCL's nominee director Bhavesh Gupta too has quit the bank's board.


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