Paytm News: Veteran fintech company Paytm is currently facing regulatory problems. Vijay Shekhar Sharma, CEO of Paytm’s parent company One97 Communications, said on Friday that digital payment and service app Paytm is working and even after February 29, Paytm Payments Bank will continue to work as usual.
Paytm News: Veteran fintech company Paytm is currently facing regulatory problems. Vijay Shekhar Sharma, CEO of Paytm’s parent company One97 Communications, said on Friday that digital payment and service app Paytm is working and even after February 29, Paytm Payments Bank will continue to work as usual. He wrote on X (formerly Twitter ) that Paytm will work even after February 29. Saluting all the team members of Paytm for their continuous support, he further wrote that there is a solution for every challenge and the company is fully committed to serving the country honestly. Paytm CEO says that India will continue to be globally praised for payment innovation and inclusion and PaytmKaro will be at the forefront in this matter.
To every Paytmer,
Your favourite app is working, will keep working beyond 29 February as usual.
I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full…— Vijay Shekhar Sharma (@vijayshekhar) February 2, 2024
After RBI’s action, Paytm is now taking these steps
On January 31, the central bank RBI has banned Paytm Payments Bank, the banking associate unit of Paytm, from continuing banking operations. After this, the future of Paytm Payments Bank has become uncertain. After this ban was imposed, Paytm told the exchanges that immediate steps will be taken to comply with the RBI guidelines and will work with the RBI to get out of this situation as soon as possible.
Apart from this, the company said that it is in talks with some of its banking partners to transfer its business to Paytm Payments Bank. The company’s CEO told shareholders during a conference call on February 1 that many big banks are agreeing to this and this work will be done in a few weeks.
But the shares are not able to recover
Paytm CEO has assured that this situation will be resolved soon. However it is not able to handle the stocks. Due to strict action by RBI, it fell by almost 40 percent in two consecutive days. In a two-day fall, its shares fell below Rs 500 and investors’ capital sank to the tune of Rs 17.4 thousand crore.
