New Delhi: Paytm founder, Vijay Shekhar Sharma has reacted to recent regulatory changes that have compelled the company to restructure the way it conducts business. Paytm is among the largest digital payment systems in India that faced pressure following concerns about a few of its services by regulators.
Paying close attention to the banking and payment activities of Paytm are the Reserve Bank of India (RBI). Following new directives issued by regulators, Paytm was forced to discontinue or downsize certain services particularly those that are associated with the Paytm bank of payments. This raised concerns among customers and shareholders.
Vijay Shekhar Sharma stated that Paytm is working in full cooperation with the regulators and is oriented on compliance with all the rules. He stated that the company is more concerned with the safety of the customers and their trust. In his opinion, Paytm is currently realigning its core business operations to comply with regulatory expectations.
The company is also putting more emphasis on such sectors as merchant payments, loan distribution, and technology services. Paytm is also attempting to decline its reliance on its payments bank and collaborate with other banking companions rather.
These have been not easy changes. The share price of Paytm has been fluctuating and people are keen to determine whether this firm can go back to its feet. Nevertheless, Sharma is optimistic that Paytm will emerge better.
