Vijay Shekhar Sharma of Paytm assures users app’s continued operation post-February 29
Vijay Shekhar Sharma voiced certainty about India’s ongoing advancement in digital finance.
Vijay Shekhar Sharma, the founder of Paytm, reassured users on X (formerly Twitter) that despite the Reserve Bank of India’s actions, the app will continue to operate beyond February 29. He expressed gratitude to all Paytm users for their unwavering support, emphasizing the team’s dedication to overcoming challenges and serving the nation with full compliance.
Asserting his belief in India’s ongoing advancement in the digital finance arena, he stated, “India is poised to receive further international recognition for its strides in payment innovation and financial services inclusion, with PaytmKaro leading the charge as its foremost advocate.”
Following the RBI’s notice on January 31, which prohibited Paytm Payments Bank from offering banking services beyond February 29 due to compliance concerns, the central bank did not disclose the specific reasons for taking strict punitive measures against Paytm. However, the company has been reassuring users that all services associated with Paytm Payments Bank will be seamlessly transferred to alternative lenders. Consequently, Paytm has affirmed that its services will remain unaffected from March 1 onwards.
Previously, Vijay Shekhar Sharma expressed that the current situation presents an opportunity for improvement, resilience, and enhanced capabilities to meet regulatory standards. He emphasized the company’s commitment to navigating through this challenge and emerging stronger.
Paytm share price
Amidst significant selling pressure, Paytm’s stock experienced a sharp decline, triggering a 20 percent lower circuit for the second consecutive trading session. Today, the stock opened at ₹487.05 on the BSE, down from the previous close of ₹608.80. Similarly, in the preceding session, Paytm’s share price also witnessed a 20 percent decline.
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