After the RBI requested last week that Paytm cease offering its well-liked digital wallet, deposits, and credit products, Vijay Shekhar Sharma is now in full firefighting mode.
According to persons acquainted with the situation, the Paytm CEO met with Finance Minister Nirmala Sitharaman yesterday and was informed that the government had no say over the current RBI regulations.
After the Reserve Bank of India requested last week that Paytm halt its widely used digital wallet, deposits, and credit offerings, Vijay Shekhar Sharma is now in full firefighting mode.
Since then, Paytm's stock has fallen by more than 40%, with a recovery only this Tuesday.
According to official sources, Mr. Sharma met with Ms. Sitharaman for ten minutes during which time he was informed that the government was not involved in this situation.
They further stated that Paytm has been requested to resolve the matter with RBI and adhere to their rules.
According to reports, Mr. Sharma spoke with RBI representatives yesterday on the regulatory issues.
Last Wednesday, January 31, the RBI prohibited Paytm Payments Bank Ltd. from taking deposits or permitting credit transactions, often known as top-ups, in user accounts or prepaid devices connected to such accounts, including wallets and FASTags, after February 29. The RBI order said that clients will be free to use their account balances without any limits.
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The nodal accounts of Paytm Payments Bank Ltd. and One97 Communications Ltd., the parent firm of Paytm, have also been closed by the RBI.
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