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BusinessDo you know why the Paytm Founder Vijay Shekhar Sharma was arrested...

Do you know why the Paytm Founder Vijay Shekhar Sharma was arrested in February?

Vijay Shekhar Sharma, founder and CEO of Paytm, was arrested in last February then later he was released on bail.

On February 22, Vijay Shekhar Sharma was driving a Jaguar Land Rover when it collided head-on with the car of the District Commissioner of Police (DCP) in south Delhi.

The accident is said to have taken place outside Mothers International School in Aravind Marg, following which Sharma was arrested under Section 279 (basic or reckless driving) of the IPC. According to reports, the FIR was registered by Constable Deepak Kumar, who was driving the DCP’s car at the time.

Meanwhile, the Reserve Bank of India has advised Paytm Payments Bank to stop opening new accounts due to “material oversight concerns”.

This is the third time it has faced action from a bank regulator since it was launched in May 2017, and the second time it has been banned from opening new accounts.

“The Reserve Bank of India today, using its powers, has directed Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949 to stop recruiting new customers with immediate effect,” 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 information technology system.

Sharma holds 51 percent stake in Paytm Payments Bank, with Paytm holding the remaining 49 percent.

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Updated on August 10, 2022 9:57 pm