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‘Should have done better … now learnt the lesson,’ says Paytm founder

Economic TimesEconomic Times · 4m
‘Should have done better … now learnt the lesson,’ says Paytm founder

Paytm Founder and CEO, Vijay Shekhar Sharma, admitted that the company could have fulfilled its responsibilities in a better manner, in response to the Reserve Bank of India's order for Paytm Payments Bank to halt its banking services. Sharma compared the situation to a daughter on her way to an important test, but met with an accident and is now in intensive care. Paytm's parent company, One 97 Communications, reported a threefold increase in net loss and a decline in operating revenue due to regulatory action against the payments bank. Paytm Payments Bank's wallets business came to a halt as a result of the central bank's action. The company's stock has also taken a hit since the order.

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