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Paytm founder Vijay Shekhar Sharma said the app would continue to work beyond February 29 as it allayed users’ concerns after the Reserve Bank of India’s (RBI) action. On I and all Paytm team members salute you for your tireless support. For every challenge, there is a solution and we are sincerely committed to serving our nation in full compliance.”
Expressing confidence in India’s continued progress in the digital finance sector, he said, “India will continue to win global acclaim in payments innovation and inclusion in financial services, with PaytmKaro as its biggest champion.”
This comes after the RBI issued a notice on January 31 prohibiting Paytm Payments Bank from providing banking services after February 29. The central bank cited compliance issues but did not reveal the reason for the strict criminal action against Paytm. The company has assured users that all services linked to Paytm Payments Bank will be transferred to other lenders. Thus, it has said that Paytm services will not be interrupted from March 1.
Earlier, Vijay Shekhar Sharma said, “This is an opportunity for us to emerge better, stronger, more capable and more capable in the eyes of the regulator and we will ensure that we come out of this situation.”
Paytm share price
This comes as Paytm share price witnessed heavy selling pressure. The stock hit its 20 percent decline circuit for the second straight session today as it opened at $487.05 against the previous close of $608.80 on BSE. In the previous session too, Paytm share price rose by 20 per cent.