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Paytm Founder Sharma Acknowledges Crucial Role Of Regulatory Engagement

OutlookIndia

OutlookIndia · 1y ago

Paytm Founder Sharma Acknowledges Crucial Role Of Regulatory Engagement

Fintech company One97 Communications founder and CEO, Vijay Shekhar Sharma, spoke about the importance of regulatory engagement and his vision to establish the company as a leader in Asia. Sharma emphasized the need for clarity and perseverance amidst ambiguity, and expressed his commitment to maintaining a significant role in the digital payment ecosystem. One97 Communications, which owns the Paytm brand, recently announced a strategic collaboration with Axis Bank to facilitate seamless merchant settlements. Sharma aims to make Paytm a leader in Asia's financial landscape. The company is actively engaging with banks to enhance customer experiences and expand its payment solutions.

Related News

Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar Sharma

Economic Times

Economic Times · 1y ago

Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar Sharma

Fintech platform Paytm is anticipating a short-term impact on its revenue and profitability due to a regulatory crackdown it faced earlier this year. The company reported a threefold increase in net loss for the March quarter, citing disruptions in its business. Paytm Payments Bank Ltd was asked to cease basic banking services by the Reserve Bank of India in January, and later was given a deadline extension. Paytm's founder, Vijay Shekhar Sharma, stated that they are focusing on compliance and regulatory engagement to address the issues faced. The company is also implementing cost-cutting measures and expects annualised people cost savings.

Want To Make Paytm A Market Leader In Asia: Vijay Shekhar Sharma

Inc42 · 1y ago

Want To Make Paytm A Market Leader In Asia: Vijay Shekhar Sharma

Paytm founder Vijay Shekhar Sharma is confident in the company's ability to overcome recent regulatory hurdles and make a strong comeback. Despite the Reserve Bank of India's clampdown on Paytm Payments Bank, Sharma expressed his desire to make Paytm a market leader in Asia. He also emphasized the importance of taking personal responsibility for decision-making and acknowledged the value of regulatory oversight. Paytm shares have plummeted by 47% since January 31 and remain subject to volatility and selling pressure. Concerns have been raised about the impact on the company's financial performance in the coming years.

Vijay Shekhar Sharma to buy 10% Paytm stake from Ant Financial in no-cash deal

Economic Times

Economic Times · 1y ago

Vijay Shekhar Sharma to buy 10% Paytm stake from Ant Financial in no-cash deal

Vijay Shekhar Sharma, the founder of Paytm, is set to acquire a 10% stake in Paytm from Ant Financial. This move follows regulatory changes that require Ant Financial to reduce its stake in Paytm. The transaction highlights Sharma's commitment to maintaining a significant stake in the company he founded and his confidence in Paytm's future growth prospects.

Want to make Paytm an Asia leader — Sharma after RBI action on payments bank

Livemint

Livemint · 1y ago

Want to make Paytm an Asia leader — Sharma after RBI action on payments bank

Paytm founder, Vijay Shekhar Sharma, expressed confidence that the digital payments giant will overcome regulatory setbacks in India this year. The Reserve Bank of India (RBI) recently placed severe restrictions on Paytm Payments Bank due to issues related to accounting and supervisory problems. Sharma resigned from the banking affiliate's board but continues to lead Paytm. He is focused on forging new bank partnerships and expanding into other Asian markets. Additionally, Paytm Payments Bank was fined ₹5.49 crore by the Financial Intelligence Unit for failure to comply with anti-money laundering regulations.

RBI’s Clampdown On PPBL Not The Biggest Setback Faced By Paytm: Vijay Shekhar Sharma

Inc42 · 1y ago

RBI’s Clampdown On PPBL Not The Biggest Setback Faced By Paytm: Vijay Shekhar Sharma

Paytm founder Vijay Shekhar Sharma has acknowledged the difficulties that the company faced during its early years, including delays in finalizing agreements and investors backing out last minute during fundraising efforts in 2013-14. Regarding the regulatory action taken by the RBI on Paytm Payments Bank, Sharma admitted the mistakes made and stated that lessons have been learned. However, he remains optimistic about the company's future and has set a vision to turn Paytm into a $100 billion company.

Vijay Shekhar Sharma resigns from Paytm Payments Bank amid board revamp

Livemint

Livemint · 1y ago

Vijay Shekhar Sharma resigns from Paytm Payments Bank amid board revamp

Vijay Shekhar Sharma, the founder of Paytm, has stepped down as the non-executive chairman of Paytm Payments Bank in response to regulatory restrictions. Paytm Payments Bank was barred by the Reserve Bank of India from accepting customer deposits due to non-compliance with regulations. Sharma's resignation aims to facilitate a smooth transition for the bank. Paytm has made additional changes to its board, appointing new independent directors and withdrawing its nominee. The company has also formed a group advisory committee to address regulatory concerns.

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

TechCrunch · 1y ago

Vijay Shekhar Sharma steps down from Paytm Payments Bank board

Vijay Shekhar Sharma has stepped down from the board of Paytm Payments Bank, following recent regulatory scrutiny and penalties imposed on the troubled financial firm. The bank has reconstituted its board of directors and appointed four new independent directors. Sharma, who owns a majority stake in the bank, has resigned from the board and also stepped down from his part-time non-executive chair role. The Indian central bank is expected to implement severe business restrictions on Paytm Payments Bank from March 15.

Paytm crisis: Vijay Shekhar Sharma says "Indian startup dream must overcome every situation collectively"

Money Control

Money Control · 1y ago

Paytm crisis: Vijay Shekhar Sharma says "Indian startup dream must overcome every situation collectively"

Paytm founder and CEO, Vijay Shekhar Sharma, expressed his gratitude for the support received amidst the regulatory crisis faced by Paytm Payments Bank. The Reserve Bank of India recently imposed significant restrictions on the bank due to non-compliance issues. Sharma highlighted the need for unity and collective action in overcoming challenges, stating that the Indian startup dream should prevail. The restrictions prohibit further deposits, credit transactions, or top-ups in customer accounts after February 29, 2024. Paytm is taking steps to comply with the RBI's directions and address their concerns.

Paytm’s Vijay Shekhar Sharma discussed exiting board, removing Paytm from bank name

Economic Times

Economic Times · 1y ago

Paytm’s Vijay Shekhar Sharma discussed exiting board, removing Paytm from bank name

Vijay Shekhar Sharma, founder of Paytm, reportedly considered resigning as the part-time chairman of Paytm Payments Bank and removing 'Paytm' from its name due to mounting regulatory and compliance pressures. The discussions took place last year amidst queries from the Reserve Bank of India (RBI) on compliance concerns. Independent directors have also resigned from the bank's board. Paytm Payments Bank was recently barred by the RBI from accepting fresh deposits or providing banking services after February 29.

Paytm aims for profitability with 'compliance-first' approach: Vijay Shekhar Sharma at AGM

Economic Times

Economic Times · 10m ago

Paytm aims for profitability with 'compliance-first' approach: Vijay Shekhar Sharma at AGM

Paytm's founder, Vijay Shekhar Sharma, expressed the company's goal of achieving profitability soon at their annual general meeting. Sharma also emphasized a "compliance-first approach" and adhering to regulatory guidelines. Paytm aims to apply for the payment aggregator license and expand its merchant network to 100 million small businesses, including rickshaw drivers and plumbers. Additionally, Paytm plans to offer financial services such as loans, mutual funds, and insurance products. The company currently has cash reserves of Rs 8,500 crore and aims to bring mainstream financial services to 500 million Indians.

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