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Home / Business / Paytm’s Vijay Shekhar Sharma says ‘app will work beyond Feb 29’ after RBI curbs

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Paytm’s Vijay Shekhar Sharma says ‘app will work beyond Feb 29’ after RBI curbs

11:39 AM

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Paytm founder and CEO Vijay Shekhar Sharma on Friday addressed the concerns of Paytm users, following the Reserve Bank of India’s recent regulatory action against Paytm Payments Bank.

Sharma said the app will continue its seamless operations beyond February 29, and expressed gratitude to app users for their unwavering support.

“To every Paytmer, your favorite app is working, and will keep working beyond 29 February as usual,” he said in a post on X (formerly Twitter).

“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 serving our nation in full compliance,” Sharma noted.

“India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it,” he added.

Vijay Shekhar Sharma’s statement comes at a time when Paytm is trying to clear the doubts of users after the central bank barred key services of Paytm Payments Bank on February 29.

There have been rumors on social media that the Paytm app will face significant disruption as a result of RBI’s actions. However, Paytm has come out with a detailed FAQ to clarify that the app will continue to work. While some services could face temporary disruption, Paytm has clarified that it is working with external banking partners to continue operating seamlessly.

At the time of publishing this article, Paytm shares hit their lower circuit of 20 percent, down to a 52-week low of Rs 487.20 apiece. This is the second consecutive day that Paytm shares have declined 20 percent.

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