Friday, March 1, 2024

What Authorities Suggested Paytm CEO Vijay Shekhar Sharma Throughout 10-Min Assembly On RBI Clampdown

What Government Advised Paytm CEO During 10-Min Meeting On RBI Clampdown

Paytm shares had tanked over 40% since then, rebounding solely this Tuesday. (File)

New Delhi:

The Paytm chief govt was instructed the federal government has no function to play in reference to the newest RBI restrictions when he went to fulfill Finance Minister Nirmala Sitharaman yesterday, stated individuals conversant in the matter.

Vijay Shekhar Sharma is in fire-fighting mode after the Reserve Financial institution of India final week requested Paytm to cease its well-liked digital pockets, deposits and credit score merchandise.

Paytm shares had tanked over 40% since then, rebounding solely this Tuesday.

Mr Sharma’s assembly with Ms Sitharaman lasted for 10 minutes and he was instructed the federal government has no function to play on this matter, stated authorities sources.

Paytm has been requested to kind out the problem with RBI and adjust to their pointers, they added.

Mr Sharma additionally met RBI officers yesterday to debate the regulatory issues, sources stated.

The RBI barred Paytm Funds Financial institution Ltd final Wednesday (January 31) from accepting deposits or permitting credit score transactions, or top-ups, in buyer accounts or pay as you go devices – resembling wallets and FASTags – linked to these accounts, after February 29. Nevertheless, clients will be capable of make the most of balances from their accounts with none restrict, the RBI order stated.

The RBI has additionally terminated the nodal accounts of Paytm’s dad or mum firm, One97 Communications Ltd, and Paytm Funds Financial institution Ltd.

Paytm Funds Financial institution has assured its clients that their cash is “secure”, however they will not be capable of deposit cash of their accounts or wallets after February 29. However the app will hold working past that as ordinary, Mr Sharma has stated.

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