Paytm CEO Vijay Shekhar Sharma guarantees continued functionality of the app beyond February 29th.
Paytm founder Vijay Shekhar Sharma reassured users that the app would remain operational after February 29, addressing concerns following the Reserve Bank of India’s (RBI) actions. Using X (formerly Twitter), Sharma stated, “Dear Paytm users, rest assured that your beloved app will continue to function seamlessly, extending its service beyond the end of February. I, along with every member of the Paytm team, appreciate your unwavering support. We are dedicated to overcoming challenges and serving our nation in complete compliance.”
Expressing optimism about India’s ongoing advancements in the digital finance sector, he asserted, “India will continue to receive international recognition for its innovations in payments and financial inclusion, with PaytmKaro leading the way.”
This statement follows the Reserve Bank of India’s (RBI) notice on January 31, which directed Paytm Payments Bank to cease banking services after February 29 due to compliance issues. While the central bank did not disclose specific reasons for the stringent action, Paytm has assured users that services linked to Paytm Payments Bank will be smoothly transitioned to other financial institutions. Consequently, the company has affirmed that there will be no disruption to Paytm services starting March 1.
Earlier, Vijay Shekhar Sharma expressed, “This presents an opportunity for us to emerge stronger, more resilient, and better positioned in the eyes of the regulator, and we are committed to navigating through this situation successfully.”
Paytm’s stock experienced significant selling pressure, leading to a 20% lower circuit for the second consecutive session. Today, it opened at ₹487.05, down from the previous close of ₹608.80 on the BSE. This follows a similar 20% decline in the previous session.
