Paytm founder Vijay Shekhar Sharma
made his first public appearance at a financial technology conference in Tokyo Tuesday, March 5. Sharma expressed confidence in overcoming regulatory setbacks and leading Paytm into a comeback as a stronger company.
Biggest lesson learnt from the RBI ban
According to a report in Bloomberg, he said that the biggest thing that he has learned is that many times "...your teammate and adviser may not be getting it correct,...
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.” He further said, “This is a great day when I have new lessons to learn and new opportunities to address.”
Wants to make Paytm Asia’s top fintech
Despite regulatory curbs on Paytm Payments Bank, Sharma said that he values the role regulators play and aims to add more banks as partners. “Things become very big and systematically important, very fast,” Sharma said. “We have been able to very happily see our regulator engage.”
“Ambiguity brings stress,” he said. “When you are clear, when you know, then it is the perseverance on the mission that you are in,” he added.
He emphasized the opportunity to build a financial system for the next generation in Asia, expressing his desire to make Paytm an Asia leader.
On January 31,
Reserve Bank of India
(RBI) imposed a ban on Paytm Payments Bank Limited (PPBL). RBI barred Paytm Payments Bank from accepting any fresh deposits. The country's apex bank said that the ban has been imposed on the Paytm Payments Bank due to prolonged history of non-compliance. To add to the bad news, NHAI removed PPBL from the list of Fastag issuing banks.
In February, Sharma resigned from the Paytm Payments Bank’s board. Earlier this month, the Paytm board gave its approval for the discontinuation of several inter-company agreements with its associate entity, Paytm Payments Bank Limited. In a statement to stock exchanges, the company said that shareholders of PPBL have mutually agreed to simplify the Shareholders Agreement (SHA) to support PPBL’s governance, independent of its shareholders, One 97 Communications (OCL). For those unaware, OCL owns the Paytm brand.
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