Paytm’s Vijay Shekhar Sharma Breaks Silence On RBI Action, Says ‘Biggest Thing I’ve learned…’

Paytm founder Vijay Shekhar Sharma said that he was confident that his Paytm will overcome regulatory setbacks in India this year and stage a comeback, reported Hindustan Times.

In his first public appearance after the RBI barred Paytm Payments Bank from performing certain activities, Paytm’s Vijay Shekhar Sharma opened up about the setback and appreciated what regulators are doing to create a healthy environment for startups.

Paytm founder Vijay Shekhar Sharma said that he was confident that his company will overcome regulatory setbacks in India this year and stage a comeback, reported Hindustan Times.

He said that the biggest thing that he has learnt is that many times your teammate and adviser may not be getting it correct, at a financial technology conference in Tokyo.

Vijay Shekhar Sharma added, “And it is important for you, yourself to be taking care of it versus just letting a teammate or an adviser suggest what it should be”, states the report.

He expressed hope for Paytm and said that Asia has an opportunity to build a financial system for the next generation. During his lifetime he would like do Make Paytm an Asia leader.

On strategy for Paytm, he said that it will include building new bank partnerships for the India market and expanding into other Asian markets.

Vijay Shekhar Sharma also said that ambiguity brings stress. When you are clear, when you know, then it is the perseverance on the mission that you are in.

Paytm CEO Vijay Shekhar Sharma Resigns

Paytm CEO Vijay Shekhar Sharma resigned as non-executive chairman and board member of Paytm Payments Bank. Paytm has been in trouble since a month now, starting from the regulatory challenges faced by the digital payments giant.

Mr Sharma stated that his resignation and the appointment of independent directors were strategic steps to facilitate a smooth transition and bolster governance structures. Additionally, this move seeks to separate Paytm Payments Bank from its parent company, establishing it as an independent entity.

RBI Action On Paytm

The Reserve Bank of India (RBI) has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliance and continued material supervisory concerns in the bank.

Mr Sharma owns a 51 per cent stake in Paytm Payments Bank. He has transformed Paytm into India’s leading mobile-first financial services.

Paytm’s Vijay Shekhar Sharma’s Education

Talking about his education, he was born in Aligarh, Uttar Pradesh in 1978 Sharma completed his degree from Delhi Technological University, in 1998.