Paytm’s Vijay Shekhar Sharma Breaks Silence On RBI Action, Says ‘The Biggest Thing I Learned…’
Paytm founder Vijay Shekhar Sharma said he was confident that his Paytm will overcome regulatory setbacks in India this year and make a comeback, Hindustan Times reported.
In his first public appearance after the RBI barred Paytm Payments Bank from carrying out certain activities, Paytm’s Vijay Shekhar Sharma opened up about the setback and appreciation for what regulators do to create a healthy environment for startups.
Paytm founder Vijay Shekhar Sharma said he was confident his company will overcome regulatory setbacks in India this year and make a comeback, Hindustan Times reported.
He said the most important thing he learned is that your teammate and advisor are often wrong, at a financial technology conference in Tokyo.
Vijay Shekhar Sharma added: “And it is important for you and yourself to take care of it yourself, rather than just letting a teammate or an advisor suggest what it should be,” the report said.
He expressed his hopes for Paytm and said Asia has an opportunity to build a financial system for the next generation. During his lifetime, he would like to make Paytm a leader in Asia.
On the strategy for Paytm, he said this includes building new banking partnerships for the Indian market and expanding into other Asian markets.
Vijay Shekhar Sharma also said that ambiguity brings stress. If you are clear, if you know, then it is the perseverance in the mission you are on.
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 for a month now, starting with 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 strengthen governance structures. Furthermore, this move aims to separate Paytm Payments Bank from its parent company, making it an independent entity.
RBI action on Paytm
The Reserve Bank of India (RBI) has banned PPBL from accepting deposits and credits from customers after March 15 due to persistent non-compliance and ongoing material supervisory issues at 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 provider.
Talking about his education, he was born in Aligarh, Uttar Pradesh in 1978. Sharma completed his degree from Delhi Technological University in 1998.