Paytm CEO says app will continue to work beyond Feb 29 amid RBI action
THE JHARKHAND STORY DESK New Delhi, Feb 2: In response to the Reserve Bank of India’s recent regulatory action against Paytm…
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THE JHARKHAND STORY DESK
New Delhi, Feb 2: In response to the Reserve Bank of India’s recent regulatory action against Paytm Payments Bank, Paytm founder and CEO Vijay Shekhar Sharma addressed user concerns on Friday.
Sharma thanked app users for their persistent support and stated that the app will continue to function flawlessly beyond February 29.
“To every Paytmer, your favourite app is working, will keep working beyond 29 February as usual,” Paytm CEO stated in an X post.
“I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance,” he added.
“India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it,” he further stated.
To every Paytmer,
Your favourite app is working, will keep working beyond 29 February as usual.
I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full…— Vijay Shekhar Sharma (@vijayshekhar) February 2, 2024
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With the central bank suspending Paytm Payments Bank’s essential services from February 29, Vijay Shekhar Sharma’s announcement corresponds with Paytm’s efforts to allay user concerns.
On social media, there have been rumours that the RBI’s actions may cause a major interruption to the Paytm app. To reassure users that the app will still function, Paytm has released a comprehensive FAQ. Although there may be a brief interruption to certain services, Paytm has made it clear that it is collaborating with outside banking partners in order to maintain uninterrupted operations.
Separately, the company stated that the Reserve Bank of India’s (RBI) directive to its associate bank has no bearing on its offline merchants network offering or device business, which includes Paytm Soundbox, EDC and QR.
The financial technology company will also persist in enlisting merchants onto its platform.
“The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. Other financial services such as loan distribution, insurance distribution and equity broking, are also not in any way related to Paytm’s associate bank and are expected to be unaffected by this direction,” the company stated.
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