Paytm Payments Bank: Paytm Founder and CEO Vijay Shekhar Sharma said on Thursday that the company will now work only with other banks and not with Paytm Payments Bank.
This decision of Paytm means that the company has circumvented the ban imposed by RBI yesterday. However, the decision taken by the Reserve Bank of India on Wednesday has affected Paytm to a great extent.
Reserve Bank of India has ordered closure of Paytm Payments Bank from 29th February. After 29th any amount can be deposited in the company’s bank. Apart from this, many restrictions have been imposed on Paytm.
Now a day later, Vijay Shekhar Sharma, while talking to a private channel, said, ‘From now on, we will work only with other banks, not with Paytm Payments Bank. We are overwhelmed with the support we have received from the big banks of the country.
Sharma said, ‘The company’s business will not be affected due to RBI instructions.’ He also said that RBI has not sent him any information regarding the action.
Paytm suffered loss
Paytm’s performance today has been its worst since its listing in 2021. Founder Sharma himself has also suffered losses. According to a Reuters report, Sharma, who holds a 19.4% stake in the company, suffered a loss of about $233 million on Thursday due to the fall in shares. He holds 51% stake in Paytm Payments Bank.