Amid Paytm crisis, founder Vijay Shekhar Sharma meets Nirmala Sitharaman

Paytm app is working and will continue to work after Feb 29, says company


Following the RBI's crackdown on Paytm Payments Bank Ltd, Paytm's Founder-CEO Vijay Shekhar Sharma met Finance Minister Nirmala Sitharaman and discussed the ongoing crisis, say sources.

Sharma had, on Monday, reportedly held discussions with the Reserve Bank of India to address regulatory concerns.

The RBI had, last week, ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, cards for paying road tolls after February 29.

Meanwhile, Paytm continued to come out with clarifications on various media reports on the crisis. On Tuesday, it again asked people not to spread rumours and clarified that Paytm app is working now and will continue to function after February 29.

"The Paytm app is working and will continue to work post Feb 29th! All services associated with Paytm For Business- QR codes, Soundbox and Card Machine are working and will continue to work," the fintech giant said in a tweet.

Shares of One97 Communications Ltd, which owns Paytm brand, rebounded on Tuesday morning after three days of sharp fall. In the past three days, the stock had tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation.


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