CEO of Paytm release on bail in case of hitting DCP’s car in feb


Vijay Shekhar Sharma, founder and CEO of Paytm, was arrested in February and later released on bail in a case of rash driving in February. According to reports, Sharma was driving a Jaguar Land Rover that hit the car of the district commissioner of police (DCP) of South Delhi on February 22.

The accident allegedly took place outside The Mother’s International School on Aurobindo Marg, following which Sharma was arrested under IPC Section 279 (rash or negligent driving). An FIR was filed by constable Deepak Kumar who was driving the DCP's car at the time, the reports said.

Meanwhile, the Reserve Bank of India has asked Paytm Payments Bank to stop opening new accounts amid "material supervisory concerns" observed in the bank.

This is the third time that the bank has faced action from the regulator since its inception in May 2017 and has been prohibited from opening new accounts for the second time. "Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers," the central bank said in a statement. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

Sharma holds 51 per cent stake in Paytm Payments Bank (PPBL), while the remaining 49 per cent is held by Paytm.

(Except for the headline and the pictorial description, this story has not been edited by THE DEN staff and is published from a syndicated feed.)