Paytm CEO Vijay Shekhar Sharma meets FM Nirmala Sitharaman amid crisis

Last week, the RBI had asked Paytm to stop accepting new deposits in its accounts and popular digital wallets from February 29

Updated on: Feb 7, 2024, 08:10:04 IST

By HT News Desk

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Paytm founder and chief executive officer Vijay Shekhar Sharma met Union finance minister Nirmala Sitharaman on Tuesday to discuss the ongoing challenges faced by his fintech firm following the Reserve Bank of India curbs, ANI reported.

Vijay Shekhar Sharma, founder and chairman of One97 Communications Ltd., operator of Paytm. (Bloomberg)

The high-level meeting took place hours after Sharma and few Paytm officials had met the RBI to discuss regulatory concerns. According to a Reuters report, the central bank heard the fintech giant without making any commitments.

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"Discussions are on about addressing the regulatory concerns and compliance issues with both the RBI and the ministry," a source told Reuters.

Last week, the RBI had asked Paytm to stop accepting new deposits in its accounts and popular digital wallets from February 29. The company has sought an extension of the deadline from the RBI and has also been seeking clarity from the central bank on the transfer of its licence for the wallets business and FASTag.

ALSO READ: Paytm FASTag to stop working after February 29? What you should do

Paytm has rejected reports of either the company or its founder Sharma being probed by the Enforcement Directorate. “Categorically deny any investigation by the Enforcement Directorate on OCL, our associates, and/or its Founder and CEO for anti-money laundering activities. Neither the company nor its founder and CEO are being investigated by the Enforcement Directorate regarding, inter alia, money laundering”, the company statement said.

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“We would like to set the record straight and deny any involvement in anti-money laundering activities. We have and continue to abide by Indian laws and take regulatory orders with utmost seriousness,” the company added.

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HT News Desk
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