Paytm founder Vijay Shekhar Sharma said that the app would continue to operate beyond February 29 as he allayed user concerns after Reserve Bank of India’s (RBI) action.
Taking to X (formerly Twitter), Vijay Shekhar Sharma said, “To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual. 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 serve our nation in full compliance.”
Expressing confidence in India’s continued progress in the digital finance sector, he said, “India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it.”
This comes after the RBI issued a notice on January 31 barring Paytm Payments Bank from providing banking services after February 29. The central bank cited compliance issues but did not disclose the reason for stringent penal action against Paytm. The company has been assuring users that all services tied to Paytm Payments Bank will be transferred to other lenders. Thus, it has said that Paytm services will not be disrupted from March 1.
Earlier, Vijay Shekhar Sharma said, “This is an opportunity for us to come out better, stronger, abler, and more capable for the regulator’s eye and we are going to make sure that we will get out of this situation.”
This comes as Paytm share price witnessed strong selling pressure. The stock hit its 20 per cent lower circuit for the second consecutive session today as it opened at ₹487.05 against the previous close of ₹608.80 on the BSE. In the previous session as well, Paytm share price cracked 20 per cent.
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