Payment pause: Paytm seeks clarity amidst RBI circular, Sharma prioritises workforce stability

CEO Vijay Shekhar Sharma addressed employees regarding the RBI directive, “We are not completely sure of things…”

Seeking to reassure employees amidst the ongoing turmoil at Paytm, founder Vijay Shekhar Sharma has affirmed that the company is committed to avoiding any staff reductions. He emphasised the ongoing collaboration with the RBI and the exploration of partnerships with other banks to navigate through the crisis.

Vijay Shekhar Sharma, accompanied by Paytm Payment Bank Ltd (PPBL) President and Chief Operating Officer (COO) Bhavesh Gupta, along with PPBL CEO Surinder Chawla, conveyed the message during a virtual town hall with the employees, “You are a part of the Paytm family, and there is nothing to worry about. Many banks are helping us,”

“We are not completely sure of things…like what exactly went wrong. But we will figure out everything soon. We will reach out to the RBI to see what can be done,” The founder addressed a virtual town hall that lasted for nearly an hour, engaging with approximately 800-900 employees during the call.

The company has refuted any involvement in an Enforcement Directorate (ED) investigation amidst actions taken by the Reserve Bank of India (RBI). In response to a substantial stock value decline of nearly $2 billion, the stock exchanges have reduced the daily trading limits for the digital payments firm from 20% to 10%.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of ET Edge Insights, its management, or its members

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