Paytm's Vijay Shekhar Sharma on RBI action: ‘In my lifetime, I would like…’ - Hindustan Times
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Paytm's Vijay Shekhar Sharma on RBI action: ‘In my lifetime, I would like…’

Mar 06, 2024 11:59 AM IST

Vijay Shekhar Sharma: Despite the setbacks, he said that he appreciates 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. At a financial technology conference in Tokyo, he said, “The biggest thing that I’ve learned is that many times your teammate and adviser may not be getting it correct." This is his first public appearance since RBI ordered Paytm Payments Bank to halt certain activities.

Vijay Shekhar Sharma, founder and chairman of One97 Communications Ltd., operator of Paytm, attends the Japan Fintech Festival in Tokyo, Japan.(Bloomberg)
Vijay Shekhar Sharma, founder and chairman of One97 Communications Ltd., operator of Paytm, attends the Japan Fintech Festival in Tokyo, Japan.(Bloomberg)

Read more: Users ditch Paytm? App's daily downloads declined this much since February 1

He asserted, “And it is important for you, yourself to be taking care of it versus just letting a teammate or a adviser suggest that what should it be.”

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Vijay Shekhar Sharma resigned from the Paytm Payments Bank’s board in February, almost a month after RBI barred prohibited the bank from accepting new deposits in its customer accounts or wallets.

Read more: More worry for Paytm? Paytm Payments Bank may lose licence

Despite the setbacks, he said that he appreciates what regulators are doing to create a healthy environment for startups in India.

“Things become very big and systematically important, very fast. We have been able to very happily see our regulator engage," he said.

Read more: Why did Vijay Shekhar Sharma have to resign as Paytm Payments Bank chairman?

Expressing his hope for the company, Vijay Shekhar Sharma said, “Asia has an opportunity to build a financial system for the next generation. Make Paytm an Asia leader — in my lifetime, I would like to do that.”

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

“Ambiguity brings stress. When you are clear, when you know, then it is the perseverance on the mission that you are in. This is a great day when I have new lessons to learn and new opportunities to address,” he said.

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