The parent company of Paytm Payments Bank is One97 Communications.

The chief executive of digital payments firm Paytm, formally known as One97 Communications Ltd (OCL), on Monday said the board of India’s Paytm Payments Bank is independent and capable of addressing regulatory concerns.

“Personally, I or anyone at OCL has no connection with the payments bank,” Vijay Shekhar Sharma said in a webinar.

“There is an independent board that looks after everything and we have full confidence in their ability.”

The Reserve Bank of India (RBI) in late January had ordered Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March, citing supervisory concerns and persistent non-compliance with regulations.

Paytm Payments Bank’s parent company is One97 Communications, which is popularly known as Paytm for its digital payments app.

One97 holds a 49% stake in the payments bank, while Mr Sharma holds the remaining 51%.

In February, following the RBI order, Mr Sharma stepped down as non-executive chairman and board member of Paytm Payments Bank.

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