Paytm discontinues inter-company agreements with Paytm Payments Bank

India’s Paytm and its payments bank unit have mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies, the embattled payments firm said on Friday.

Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated.

The payments bank agreed to simplify the shareholders’ agreement to “support (Paytm Payments Bank’s) governance, independent of its shareholders,” the company said.