New Delhi: Vijay Shekhar Sharma, the CEO of Paytm, met with Union Finance Minister Nirmala Sitharaman on Tuesday, say sources. They talked about the problems Paytm is having because of the restrictions imposed by the Reserve Bank of India (RBI).
The Reserve Bank of India (RBI) told Paytm Payments Bank to stop accepting new deposits and conducting credit transactions starting from February 29. The reason for this directive was concerns about supervision and because Paytm Payments Bank was not following the rules properly.
Vijay Shekhar Sharma’s meeting with the Finance Minister happened one day after him and his company officials met with the RBI. In that meeting with the RBI, they discussed a plan to solve the regulatory issues faced by their company.
When the Reserve Bank of India (RBI) placed restrictions on Paytm Payments Bank, it mentioned that an external audit report showed that the bank consistently did not follow the rules as required.
The actions taken by the central bank made people worry about how Paytm Payments Bank was functioning. As a result, the shares of its parent company, One97 Communications Limited, were restricted from trading at higher prices for three consecutive trading days.
Paytm is working to minimize the negative effects of the RBI’s order. They’ve said that the order won’t affect the money people have deposited in their savings accounts, FASTags, Wallets, NCMC accounts. Additionally, the CEO, Vijay Shekhar Sharma, has reassured Paytm employees that their jobs are safe and that the company is collaborating with other banks to find solutions.
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