The board of India's Paytm Payments Bank is independent and capable of addressing regulatory concerns, the chief executive of digital payments firm Paytm, formally known as One97 Communications Ltd (OCL), said on Monday.
Vijay Shekhar Sharma said in a webinar, "I, personally or anyone from OCL, have no connection with the payments bank."
"There is an independent board that looks after everything and we have full confidence in their ability."
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In late January, the Reserve Bank of India (RBI) ordered Paytm Payments Bank to stop accepting new deposits into its accounts or digital wallets from March, citing oversight concerns and persistent non-compliance with regulations.
The parent company of Paytm Payments Bank is One 97 Communications, popularly known as Paytm, for its digital payments app.
One97 owns 49 percent of the payments bank, while Sharma owns 51 percent.
Paytm Payments Bank CEO Surinder Chawla resigns.
Following the RBI order in February, Sharma resigned as non-executive chairman and board member of Paytm Payments Bank.
Last month, Paytm was granted a third-party app provider license by the country's payments authority, allowing it to facilitate payments after its banking unit ceased operations.
The license will allow customers to continue using the Paytm app for payments through India's popular Unified Payments Interface (UPI) after Paytm Payments Bank ceased operations on March 15, following regulatory action due to the failure to comply with certain rules.
The National Payments Corporation said that Axis Bank, HDFC Bank, State Bank & Yes Bank will act as payment system provider banks for Paytm.
