Paytm will continue to work after Feb 29: Vijay Shekhar Sharma

The Paytm app will continue to work beyond February 29, founder Vijay Shekhar Sharma said.

Source: ANI

Sharma's reaction came two days after the RBI’s action against Paytm Payments Bank (PPBL). The entrepreneur also added that “for every challenge, there is a solution”.

Source: Paytm

The RBI ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts, popular digital wallets or FASTags from customers after February 29.

Source: RBI

“Your favourite app is working, will keep working beyond 29 February as usual,” Sharma posted on X in an attempt to calm the nerves of Paytm app users.

Source: X Photo

The RBI, in a statement, has said its directions to Paytm follow persistent non-compliance and continued material supervisory concerns.

Source: X Photo

On March 11, 2022, the RBI had barred PPBL from onboarding new customers with immediate effect.

Source: Paytm

Shares of Paytm tumbled 20% for the second straight day on Friday.

Source: Paytm

Paytm shares were at Rs 487, their lowest in more than a year, at the bottom of an exchange-imposed trading band for the second day in a row.

Source: Paytm

Shares of the company are now down 36 per cent so far this week.

Source: Paytm