![Vijay Shekhar Sharma](/https/economictimes.indiatimes.com/thumb/msid-80585073,height-184,width-182/magazines/panache/panache-people-101/vijay-shekhar-sharma.jpg)
Vijay Shekhar Sharma
Chairman & MD, One97 Communications LtdBirth DetailsJuly 8, 1978 | Aligarh, India
NationalityIndian
LeagueEntrepreneur
EducationB.E., Delhi College of Engineering
Net Worth$2.4 billion (as of August 10, 2020)
Vijay Shekhar Sharma's Assets
Vijay Shekhar Sharma's Journey so far...
Before you go...
- One97 Communications Ltd
Vijay Shekhar Sharma's Journey so far...
- Owing to his proficiency in academics, Vijay Shekhar Sharma completed high school at the age of 14. And the following year, in 1994, secured admission in engineering college
- But things changed when he went to college. English proved to be a hurdle, and he ended up spending most of his time in the computer room. He created his first company -- XS Communications -- when he was still in college. The company developed content management systems
- By 19, he was done with college and started working in a few companies
- He then decided to start his own company, and in the year 2000, One97 Communications Ltd. was born
- He made his big move into the world of digital payments with the launch of the mobile wallet service Paytm in 2011. While being created, he had put $2 million of his own money into the venture
- PM Modi’s demonetisation drive of 2016, which rendered almost 80% of the country’s physical currency worthless overnight, proved to be a boon for Sharma. The severe cash crunch led people to adopt digital methods of making and receiving payments, and Paytm was at the forefront
- In 2017, Sharma launched the e-commerce branch of his company -- Paytm Mall
- In 2018, Forbes named Vijay, then aged 39 and worth $1.7 billion, India’s youngest billionaire
- Furthering its list of notable investors, renowned billionaire Warren Buffet made a $300 million investment in Sharma’s business in 2018
- To offer financial services to the sectors that are unserved or underserved by the current banking system, he launched a digital bank called Paytm Payments Bank in 2019
- One97 is now valued at around $16 billion after the latest round of funding and today, Paytm is a household name which has made payments and banking easier for millions of users
Before you go...
- Paytm is actually short for ‘pay through mobile’
- He had to work multiple jobs, which included some petty ones, to repay the loan and to make ends meet at the time
- Sharma’s an English music buff, and Bono, Chris Martin and Jim Morrison are some of his favourite artists
- In earlier interviews, he has acknowledged the role that rock music has played in improving his English
Last Updated: 12/02/2021
Vijay Shekhar Sharma News
Paytm shares rise 3% as co completes transfer of events biz to ZomatoThe transaction completion led to a boost in Paytm and Zomato's share prices. Payments will be completed after post-closing audit adjustments.
Apple’s hiring drive; Zomato's new ticketing featureApple’s shift from China is driving a massive surge in hiring in India. Details on this and more in today’s ETtech Top 5.
Paytm shares rise over 3% after clarification on Sebi noticeShares of One 97 Communications, Paytm’s parent company, rose 3.5% to Rs 548.70 on the BSE today, following a clarification on the SEBI show-cause notice issued to founder Vijay Shekhar Sharma and former board members. Over the past year, Paytm's shares have fallen 40%, with a 16.3% decline so far this year.
What should investors do with Paytm stock? Vinit Bolinjkar answersI think this dip 500 to 525 seems to be a good enough price to get in. Company has adequate growth triggers in place and the business model is absolutely robust and stood the test of time. So, we remain convinced on the growth story of this company.
Paytm issues clarification on Sebi show-cause notice, says not a new developmentOne 97 Communications, the operator of Paytm, said that the show-cause notice related to founder Sharma's classification as a promoter was already disclosed in its financial results for March and June quarters. The company maintains it adheres to SEBI regulations regarding ESOPs and reported no financial impact from the notice.
Paytm shares drop 9% following report of Sebi's show-cause notice to Vijay Shekhar SharmaPaytm Share Price: Paytm shares saw a 9% dip to Rs 505.25 following news that SEBI issued show-cause notices to Vijay Shekhar Sharma and ex-board members. The allegations involve misrepresentation during the IPO, focusing on Sharma’s promoter classification. This classification is significant due to regulations on ESOPs for promoters post-IPO.
Paytm to focus on profitability despite fewer digital payment incentives in budgetThe government has lowered incentive allocation for Rupay and UPI transactions by about 42% in the budget. Paytm CEO Vijay Shekhar Sharma denied any impact of lower allocation of incentives to promote small ticket digital transactions on his guidance over profitability this fiscal year.
Paytm's government nod; FM on angel taxPaytm has secured government approval for a $5.97-million investment in a key subsidiary. This and more in today’s ETtech Top 5.
Zomato celebrates 16th birthday with Gold membership for 6 months at just Rs 30The Zomato ad featured a large photograph of its founder and CEO, Deepinder Goyal, along with smaller images of the company's top executives. The text, written in Hindi, expressed gratitude to customers: “16th janamdin par aap sabhi ko apna pyar barsane ke liye koti koti dhanyavaad” (On our 16th birthday, a big thanks to all of you for showering us with love).
Govt mainstreamed startups; used to be at the bottom of food chain: Paytm's Vijay Shekhar SharmaThe 'American dream' folklore in business and technology parlance has given way to the 'Indian dream' and 'Indian startup', Paytm founder Vijay Shekhar Sharma said, adding that this is "truly a golden period" for founders and entrepreneurs here.
People's enthusiasm, excellent work to make India developed nation our biggest strength: PM ModiAccording to the letter shared by organisers of the 7th foundation day of JITO Incubation and Innovation Fund (JIIF), the Prime Minister lauded the values of the Jain community for their work and efforts made in the field of education, health and other areas through JITO.
‘Should have done better … now learnt the lesson,’ says Paytm founderPaytm is like a daughter who met with an accident and is in ICU, Vijay Shekhar Sharma says in the context of developments at the payments bank. "I saw it as a daughter on the way for an important entrance test, but met with an accident, and in a way is in ICU right now. That was the feeling from a personal, emotional (point of view),” Sharma said speaking at an event organised by JITO Innovation and Incubation Foundation in New Delhi.
Vijay Shekhar Sharma breaks silence on why senior-level employees are leaving Paytm; here's what he saidOne97 Communications, the parent company of Paytm, underwent layoffs in June without specifying the number affected, offering outplacement support for transitioning employees. Despite questions about senior-level departures, founder Vijay Shekhar Sharma assured that all is well. Paytm's sales team decreased by 3,500 to 36,521 personnel due to regulatory impacts from the RBI's restrictions on Paytm Payments Bank.
Paytm Bank, auditor lock horns over business viabilityPaytm Payments Bank faces audit qualification disputes over viability, seeking RBI intervention. Compliance issues led to operational restrictions, prompting directions to transfer businesses. KYC guideline non-compliance has halted income generation and eroded net worth.
A pivotal event for online commerce; and other top tech, startup storiesStay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore fundingZomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Paytm likely in talks with Zomato to sell movie ticketing businessPaytm is in advanced talks to sell its movie and events ticketing business to Zomato amid declining sales. The move is part of Paytm's revival strategy after reporting its first sales decline, triggered by regulatory actions. The potential sale aims to help Paytm refocus on core businesses like travel and cash backs.
Paytm employees cry foul after being asked to quitPaytm layoffs: Following the RBI's decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to "voluntarily resign" without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
Paytm shares jump another 5% despite denying talks with AdaniPaytm shares rose 5% amid reports of deal talks between Paytm CEO and billionaire. Shares hit upper circuit limit despite company's denial of discussions.
PNB Housing Finance shares drop over 8% after 2.7% equity change handsPNB Housing Finance shares experienced a significant decline of over 8%, reaching the day's low at Rs 724 in Wednesday's trading on the BSE. This drop followed a sizable block deal where 2.7% of the equity changed hands.
Adani Paytm report: Congress attacks PM Modi, says 'Paytm was Pay to Modi'The opposition party Congress launched a blistering critique of the Prime Minister on Wednesday following reports suggesting that billionaire Adani might acquire a stake in Paytm. Following the release of the report regarding Adani and Paytm, both companies swiftly clarified their positions. One97 Communications addressed a media report on Wednesday suggesting that Gautam Adani, chairman of the Adani Group, may be contemplating acquiring a stake in Paytm's parent company, One97 Communications.
Adani effect! Paytm shares jump 5% on deal talks between Vijay Shekhar Sharma and Gautam AdaniShares of Paytm surged 5% as Gautam Adani considers investing in the company. Paytm founder met Adani to discuss a potential deal. Adani is also seeking investments from West Asian funds for Paytm, facing challenges after RBI restrictions.
Not engaged in any discussions: Paytm issues clarification on report claiming Adani in talks to acquire stake in companyOne97 Communications responds to speculation of Adani Group chairman Gautam Adani considering acquiring a stake in Paytm's parent company. The company clarifies that no discussions are ongoing, emphasizing compliance with SEBI regulations.
Adani's fintech play: Gautam Adani likely in talks with Vijay Shekhar Sharma to acquire stake in Paytm's parent coGautam Adani, chairman of the Adani Group, is reportedly looking into acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India. Paytm's founder and CEO, Vijay Shekhar Sharma, met with Adani in Ahmedabad to discuss the details of the potential deal.
Inclusive growth should be priority of government: Vijay Shekhar Sharma, PaytmVijay Shekhar Sharma, MD of Paytm, emphasizes the importance of economic growth reaching every corner, urging the next government to prioritize this focus.
Paytm shares drop 3% after Q4 results. Should You buy or sell?Paytm's Q4 results show widened losses and reduced revenue, impacted by disruptions and regulatory actions. Analysts vary: Bernstein sees signs of recovery, Macquarie remains cautious, Motilal Oswal maintains a neutral stance, while JM Financial advises selling.
Paytm shares rally 5% despite widening net loss in Q4Despite widened net loss and a revenue drop in Q4, Paytm's shares closed near a 5% upper circuit. Impact of disruptions from UPI transition and Paytm Payments Bank embargo cited. Impairment provision of Rs 227 crore for investment in PPBL recorded.
Paytm Q4 losses tripled; Oyo IPO withdrawnTroubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
Paytm expects near-term impact on revenue, profitability due to regulatory action: Vijay Shekhar SharmaPaytm’s parent, One 97 Communications Ltd, is taking steps to “strengthen the governance framework across our group entities (especially regulated entities)” by appointing subject matter experts as advisors of independent directors, says founder Sharma in letter to shareholders. Going forward in the ongoing fiscal, Paytm also anticipates reduction in employee costs.
Paytm employees warned of potential job losses after hit from RBI probePaytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
Paytm among worst performing fintech stocks as earnings loomEmkay Global’s analyst Anand Dama expects a further 16% correction, arguing that the fourth quarter results “won’t capture the full extent of business disruptions caused due to the drop in UPI and bill payment market share.”
Paytm app launches auto-rickshaw booking feature via ONDCPaytm introduces auto-rickshaw booking on its app through ONDC and Namma Yatri for users in NCR, Bengaluru, and Chennai. ONDC tab includes food, groceries, and rides. Pai Platforms facilitates the service with significant mobility transactions.
Paytm COO Bhavesh Gupta resigns; set to become adviser to CEO officeBhavesh Gupta, Chief Operating Officer (COO) and President of One 97 Communications (OCL), the parent company of the Paytm brand, has resigned. The fintech firm announced this to stock exchanges on Saturday. Gupta will shift to an advisory role at the office of Paytm CEO Vijay Shekhar Sharma by the end of this month.
Paytm COO & president Bhavesh Gupta resigns; to take on advisory roleBhavesh Gupta has resigned as president and COO of One 97 Communications Ltd, effective May 31. He will be transitioning into an advisory role in the office of CEO Vijay Shekhar Sharma. Varun Sridhar, CEO of Paytm Money, has been transitioned to a different role within the group. Sridhar has been replaced by Rakesh Singh.
Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executivePaytm Money, the wealth management platform of One 97 Communication, has replaced chief executive Varun Sridhar, at the helm since 2020, with Rakesh Singh. Singh was the chief executive of broking services at Fisdom, a PayU-backed fintech. Sridhar will be moved to a different role within the Paytm group.
Paytm Payments Bank board is independent, Paytm CEO Sharma saysThe Reserve Bank of India (RBI) in late January had ordered Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March, citing supervisory concerns and persistent non-compliance with rules.
Scam Exposed: Bengaluru man's viral chat reveals fraudulent techniques, Paytm's Vijay Shekhar Sharma reactsA Bengaluru resident, Chetty Arun, engaged in a revealing chat with an online scammer, exposing the scammer's deceptive techniques. Arun's conversation not only shed light on the methods used by scammers but also garnered attention from Paytm founder Vijay Shekhar Sharma. The interaction highlighted the importance of cyber security awareness and vigilance in combating online fraud.
Vijay Shekhar Sharma seeks ChatGPT advice on cooking oil. Social media users ask is it the reason behind PayTM's downfallPaytm founder Vijay Shekhar Sharma sought advice from ChatGPT on the health effects of reheating cooking oil. He shared his findings on social media, warning about the dangers of reheating oil too many times. However, his post was met with criticism from some users, who questioned his focus.
Paytm moves settlements to RBL Bank via own card machinesPaytm will be retaining branding and merchant relations but will be using RBL Bank for its ‘bin’ services
Decoding the digital competition law; Perfios turns unicornIndia’s consumer internet firms have expressed reservations about the ex-ante framework in the proposed digital competition law. This and more in today’s ETtech Top 5.
85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI GuvThe Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. The deadline for linking the wallet attached with PPBL with other banks has been fixed for March 15, the governor said, ruling out any further extension.
Paytm Payments Bank failed to put apparatus for detecting, reporting suspicious transactions under PMLA: FIUAfter the Union finance ministry issued a press statement on the FIU action, a Paytm Payments Bank spokesperson had said that the penalty pertains to issues within a business segment that was discontinued two years ago.
"Your teammate and adviser may not get it correct": Paytm founder Sharma breaks silence after RBI's curb on banking unitPaytm founder Vijay Shekhar Sharma expressed confidence in overcoming regulatory setbacks in India and leading Paytm into a comeback as a stronger company. Despite regulatory curbs on Paytm Payments Bank, Sharma values the role regulators play and aims to add more banks as partners. He emphasized the opportunity to build a financial system for the next generation in Asia, expressing his desire to make Paytm an Asia leader.
Google delists Indian apps; Paytm distances itself from banking armThe tussle between Google and Indian internet companies over Play Store policies intensified on Friday with the US tech major delisting some local apps. Details on this and more in today’s ETtech Top 5.
Paytm Payments Bank and Paytm to discontinue inter company agreements amid regulatory scrutinyPaytm Payments Bank has been instructed by the Reserve Bank of India to halt its basic banking services from March 16. Earlier this week, on Monday, Vijay Shekhar Sharma - the founder of Paytm - announced his resignation from the board of Payments Bank, which replaced its directors with new inductees, mostly from the banking and bureaucratic fraternity.
SoftBank sells another 2% stake in PaytmSoftBank Group Corp has sold a stake of 2.17% in beleaguered Indian payments firm Paytm, an exchange filing showed on Thursday.
Paytm shares down 5% as VSS resignation fails to soothe nervesMeanwhile, following the development in the firm, global brokerage firm UBS said in a note, "Paytm will likely experience near-term financial impact on its business along with some permanent loss of business in FY25E."
8-10% correction likely in Nifty as well as broader markets: Amit KhuranaAmit Khurana, Head of Equities at Dolat Capital, expects a broader correction of up to double digits on the Nifty. PSU banks have been downgraded due to mean reversion in credit costs. Some pockets of the PSU universe, such as city gas distribution companies, still offer value. Shriram Finance is viewed positively.
Bullish on EMS stocks; Dixon may even cross Rs 10,000: Sanjiv BhasinSanjiv Bhasin believes consumer names like Dixon, Havells, and Asian Paints will outperform. He recommends buying Havells and mentions the strong performance of Dixon Technology. Bhasin discusses the dissociation of Vijay Shekhar Sharma from Paytm Payments Bank and the potential of Vodafone and Indus Towers in the telecom sector. He suggests investing in private banks like ICICI, Axis, and Kotak.
If problems remain restricted to PPBL & UPI payments continue, Paytm stock will go up: Pranav Gundlapalle, Sanford C BernsteinAccording to Pranav Gundlapalle, the Paytm stock is being driven by incremental news flow confirming that the problems are limited to PPBL. The stock has the potential for significant upside if the problems are resolved and payment volumes remain unimpacted. The market is closely watching the resolution of PPBL's issues.
Paytm shares look for direction as investors figure out implications of Vijay Shekhar Sharma's resignation"Finally, the ego has been let loose for a bigger goal. Vijay has taken the right move from a broader perspective. The new management will give a better image of the payments bank," said market veteran Sanjiv Bhasin. After two days of 5% upper circuits, the stock was trading just 1% higher in early trade.
Vijay Shekhar Sharma exits Paytm Bank board; FM meets startup, fintech CEOsVijay Shekhar Sharma is stepping down as part-time non-executive chairman and board member at Paytm Payments Bank as part of a restructuring. This and more in today’s ETtech Morning Dispatch.
Vijay Shekhar Sharma resigns from Paytm Payments Bank boardVijay Shekhar Sharma will be stepping down as the part-time non-executive chairman and board member of Paytm Payments Bank. Further, Paytm Payments Bank will opt for a board with only independent and executive directors.
Paytm shares jump another 5%. What's working in Vijay Shekhar Sharma's favour?The Reserve Bank of India has allowed Paytm to transfer its IPO-based payments business from Paytm Payments Bank to 4-5 other banks. It has also directed the National Payments Corporation of India or NPCI, the operator of the UPI platform, to examine the fintech's request to become a third-party application provider (TPAP) for the UPI channel. Getting NCPI’s approval will allow the app to continue offering UPI-based payment services.
Elevation Capital’s massive gamble on Paytm backfiresThe Ravi Adusumalli-led fund’s 15% stake in One 97, which was valued at about Rs 6,100 crore when the post-IPO lock-in expired in November 2022, had shrunk by nearly 40% to Rs 3,800 crore at the end of trading on Thursday.
Paytm shares zoom 16% in 3 days of non-stop upper circuits. Is the worst behind?Paytm Share Price: Paytm shares surge 5% as investors believe the worst of the regulatory crisis is over for Vijay Shekhar Sharma. Positive news from RBI, ED, and a deal with Axis Bank have sparked interest. Jefferies moves Paytm to 'Non-Rated' stocks, while Morgan Stanley maintains an equal-weight rating.
Paytm shares rebound; Tata builds India’s first spy satelliteTroubled fintech major Paytm has seen a rebound in its stock, which jumped over 10% in the last two trading sessions. This and more in today’s ETtech Top 5.
RBI action on Paytm Payments Bank has drawn fintechs' attention to compliance of laws: ChandrasekharUnion Minister Rajeev Chandrasekhar emphasized the importance of regulatory compliance for fintech firms in light of the Paytm Payments Bank (PPBL) crisis. While addressing the PPBL issue, he noted that the Reserve Bank of India's action has drawn attention to the necessity of complying with regulations in the fintech industry, emphasizing that no company can escape consequences if non-compliant with the law.
Hit it out of the field: From Nadella to Narayen, tech honchos pad up for 2nd season of MLC to take sport to masses in USMajor League Cricket (MLC), co-owned by Satya Nadella, Shantanu Narayen, and Vijay Shekhar Sharma, aims to make cricket mainstream in the US. It is also backed by Indian Premier League (IPL) teams and investors like Mukesh Ambani. MLC’s first season was held in July last year at the Grand Prairie Stadium near Dallas, Texas, and on the Church Street Park ground in Morrisville in North Carolina, generating $2.8 million in ticket sales and attracting more than 70,000 spectators. About 30% of the spectators had flown into Dallas just for the tournament.
Paytm’s switch to compliance-first mode seen too little, too lateAfter the payments bank was put under an embargo back in March 2022, the Paytm leadership did make compliance a focus area, according to multiple people in the know. It wanted to show the sector regulator that Paytm was ready to support all innovation the RBI wanted to introduce in the payments space. While the company might claim its high compliance standards, it seemed to have fallen short of the RBI's expectations.
Paytm clarifies on status of govt approval for investment in payments gateway armThis clarification comes amid growing interest and scrutiny surrounding potential investments and partnerships within the Paytm ecosystem. Paytm emphasized its commitment to its existing merchant partners, affirming that its operations remain unaffected as it navigates the regulatory process.
Time for a reset: Paytm’s opportunity to get back to basics; and other top stories this weekThe stringent action by the Reserve Bank of India (RBI) against Paytm Payments Bank could have a positive fallout. It can actually push One 97 Communications, which runs Paytm, to focus on what it does best — build distribution. It can also focus on technology and product development like it did with Soundbox — a desi way of reducing fraud and confirming merchant payments.
Paytm may switch to third-party app mode to keep UPICurrently, those using Paytm to make UPI payments have virtual payment addresses (VPAs) ending in @paytm. After March 1, customers might find this changing to some other bank’s handle. Paytm aims to use three or more banks to start issuing new VPAs to its customers for use from next month, sources said.
Paytm’s Vijay Shekhar Sharma discussed exiting board, removing Paytm from bank namePaytm founder Vijay Shekhar Sharma wanted to remove ‘Paytm’ from its name to quell mounting regulatory and compliance pressures on the fintech firm. However, did not carry out his plan and remains on the board of Paytm Payments Bank.
Paytm E-commerce renamed as Pai Platforms, acquires ONDC seller firm BitsilaPaytm E-commerce has changed its name to Pai Platforms and has acquired Bitsila, a seller platform on ONDC, gaining share in the online retail business.
Vijay Shekhar Sharma: Can the whiz-kid from Aligarh rock again?Vijay Shekhar Sharma, the founder and CEO of Paytm, has built the company from a startup to India's biggest mobile payments company. However, a recent regulatory move by RBI banning Paytm's payments bank for violations has put the company's future at risk. Sharma's focus on growth and big numbers may have led to regulatory compliance issues, but his determination and resilience may help Paytm survive this setback.
Paytm Crisis: Action was taken after persistent non-compliance, says RBI Deputy Guv SwaminathanThe Reserve Bank of India (RBI) has taken disciplinary action against Paytm Payments Bank, following persistent non-compliance. The action was taken after banks' anxiety to maintain market share and margins impeded full transmission of effective interest rates. The Paytm Saga began when the RBI directed Paytm Payments Bank to stop all banking services, including deposit acceptance and payment processing, effective February 29.
Paytm shares back to 10% lower circuit after fresh comments from RBIPaytm's shares fell 10% on Thursday after a two-day rally, as RBI officials commented that the action against Paytm was taken due to non-compliance. RBI Governor Shaktikanta Das emphasized that restrictions are proportional to the gravity of the situation and cannot compromise systemic stability or depositor's interests.
Likely buyers eye fresh KYC of Paytm merchantsBankers are wary of fraudulent merchants getting access to their systems during the transfer, bankers told ET. While fresh KYC is a standard procedure, in the situation that Paytm bank will have to transfer everything by February 29, additional KYC formalities could end up taking more time. Banks eyeing Paytm’s business include HDFC Bank, Axis Bank and Yes Bank.
Financial Services Secretary Vivek Joshi states RBI primed to handle Paytm issueFinancial Services Secretary Vivek Joshi clarified that the Reserve Bank of India (RBI) actions against Paytm fall under the RBI's jurisdiction, distancing the government from involvement. The RBI imposed restrictions on Paytm Payments Bank Ltd (PPBL), prompting concerns about financial stability. Joshi addressed FDI scrutiny and reassured customers about PPBL's size relative to systemic stability. Paytm founder's meeting with the Finance Minister and compliance issues at PPBL highlight the importance of regulatory oversight in the financial sector.
Paytm shares jump 9% after Vijay Shekhar Sharma meets RBI, FM Nirmala SitharamanFollowing three days of non-stop selling in lower circuits which led to 42% crash in the stock, Paytm shares ended 3% higher yesterday. At this stage, Paytm shares are solely guided by investor sentiment around the regulatory trouble and Indian fintech poster boy's capability to tackle it.
ED probe on Paytm horizon; Vijay Shekhar Sharma knocks on FM’s doorsPaytm founder and chief executive officer Vijay Shekhar Sharma Tuesday met finance minister Nirmala Sitharaman in the backdrop of the banking regulator’s action against the fintech firm. He had met top RBI officials on Monday. A comprehensive investigation could be initiated in view of the reference after ascertaining relevant details, said one of the persons.
Paytm CEO meets RBI officials; Nykaa doubles Q3 profitIn an attempt to address regulatory concerns, Paytm founder and CEO Vijay Shekhar Sharma, along with the firm's executives, met officials of the Reserve Bank of India (RBI) on Monday. This and more in today’s ETtech Top 5.
Paytm rebounds after 40% selloff as shares seen offering valueIndia’s fintech major Paytm rebounded on Tuesday, after shedding more than $2 billion in market capitalization in three sessions, as analysts highlighted value in its core business despite regulatory issues around the firm’s payments bank.
Paytm CEO Vijay Shekhar Sharma, officials meet RBI to discuss regulatory concerns: SourcesPaytm CEO Vijay Shekhar Sharma met with the Reserve Bank of India (RBI) to discuss addressing regulatory concerns after the RBI imposed restrictions on its banking affiliate. Paytm sought an extension of the February 29 deadline and clarification on the transfer of licenses for its wallets business and Fastag service. The RBI listened to Paytm's concerns without making commitments.
Paytm denies speculations on Jio Financial's acquisition of Paytm WalletPaytm, in an official release, stated that the news item suggesting such an acquisition is speculative, baseless, and factually incorrect. The clarification from Paytm extends to its associate company, Paytm Payments Bank Limited, as well. According to the release, the payments bank has also not engaged in any negotiations related to the speculated acquisition by Mukesh Ambani.
View: Paytm crisis shows RBI under Raghuram Rajan didn't think about orderly resolution. Who loses now?The RBI’s unhappiness isn’t new. It stopped Paytm Payments Bank from onboarding fresh customers nearly two years ago. Last year, while imposing a fine of $650,000 on the bank, the regulator highlighted a number of violations, including failure to identify beneficial account owners and a video-based customer identification that allowed connections from IP addresses outside India.
Paytm denies reports of being investigated or violation of forex rules by co or Payments BankPaytm parent company One97 Communications Ltd has denied reports of the company or its arm Paytm Payments Bank being investigated for violating foreign exchange rules. The company denied the allegations, stating that the reports were misleading and baseless. Paytm has also denied reports of its founder Vijay Shekhar Sharma or others being investigated by the Enforcement Directorate.
Paytm crisis deepens; taming of the alpha founderPaytm’s peers and users have gone back to re-strategise as the fintech firm untangles the regulatory knots. The latest on this and more in today’s ETtech Top 5.
What steps has ED taken over allegations of money laundering against Paytm?: CongressCongress spokesperson Supriya Shrinate asked whether the ED was "satisfied" with cases against political leaders, alleging that 95 per cent of its cases were against politicians.
Paytm Crisis: When Raghuram Rajan bet on the payments bank plan to test innovation boundariesPaytm is facing a regulatory curb by Mint Street. Former RBI Governor Raghuram Rajan had warned about Paytm's likely discomfort with regulators. Paytm is facing complaints of violating banking compliance norms, conflict of interest, lax processes allowing fraud, and licensing agreement breaches. RBI's technical audit reportedly found accounting and supervisory problems due to money and data traffic flows between Paytm Payments Bank and Paytm's other units
Paytm Payments Bank: The controversies and challenges ahead for India's fintech poster boyThe RBI's action prohibits the bank from accepting further deposits, conducting credit transactions, or carrying out top-ups on customer accounts after February 29. Paytm wallet users will still be able to use their existing balance until it is exhausted, but they will not be able to add any more money to their accounts. The RBI's move comes after concerns were raised about money laundering and questionable dealings within the bank.
CAIT advises traders to switch from Paytm to other payment apps in light of RBI action"The Reserve Bank of India has imposed certain restrictions, prompting CAIT to recommend that users take proactive measures to protect their funds and ensure uninterrupted financial transactions. Large number of small traders, vendors, hawkers and women are making payments through Paytm and as such RBI restrictions on Paytm could lead financial disruption to these people," the Confederation of All India Traders (CAIT) stated.
Exchanges lower Paytm's circuit limits to 10% after price crashStock exchanges BSE and NSE have revised the circuit limits for Paytm parent company One97 Communications following a steep price crash caused by RBI's crackdown on Paytm Payments Bank. The circuit limits have been changed to 10%, and the stock cannot fall below the lower limit or rise above the upper limit. The RBI's action against Paytm Payments Bank, which was barred from accepting fresh deposits, has had a significant impact on Paytm's operations. Jefferies and Motilal Oswal Securities have downgraded Paytm's parent shares.
India's startup rockstar, Paytm CEO Vijay Shekhar Sharma, battles regulatory crisisSharma has put up a brave face even as nervous investors plundered $2 billion off Paytm's valuation after India's central bank ordered his banking arm to stop most of it operations from March 1 for "persistent non-compliances" and "supervisory concerns".
Paytm Payments Bank: India's startup rockstar, Paytm CEO Sharma, battles regulatory crisisVijay Shekhar Sharma, India's startup king, faces a crisis as investors plunder Paytm's valuation due to regulatory action by the central bank, threatening significant business disruptions. Sharma aims to restore investor confidence and keep operations running. Paytm's valuation has crashed after its IPO, and analysts say the company needs to restore credibility. Sharma's ambitions and the demonetisation move in 2016 transformed Paytm into India's premier digital payments platform. Despite the challenges, Sharma remains undeterred and committed to serving the nation. The future of Paytm's expansion plans and customer retention are uncertain due to the regulatory roadblock.
Byju’s alleges investor conspiracy; Delhivery turns profitableFacing calls for a management overhaul at the troubled edtech firm, a combative Byju’s has asserted that investors lack the authority to remove its CEO. More on this in today’s ETtech Top 5.
Paytm will keep working beyond February 29, assures founder Vijay Shekhar SharmaThe Reserve Bank of India (RBI) issued a notice on Wednesday, barring Paytm Payments Bank from providing banking services after February 29 due to compliance issues. Paytm founder Vijay Shekhar Sharma expressed confidence in India's progress in the digital finance sector and assured users that services tied to Paytm Payments Bank will be transferred to other lenders without disruption.
Paytm admits compliance issues; Byju Raveendran faces potential ousterPaytm founder Vijay Shekhar Sharma addressed shareholders and analysts on Thursday, a day after the Reserve Bank of India barred Paytm Payments Bank from offering basic banking services after February. This and more in today's ETtech Top 5.
What next for Paytm's banking arm after India central bank clampdown?Paytm: The Reserve Bank of India (RBI) has instructed Paytm's payments bank subsidiary to cease accepting new deposits, signaling a potential cancellation of its license. Paytm Payments Bank, which operates as a specialized banking entity, cannot offer credit services or facilitate fund transfers after February 29. Paytm has stated it will comply with the RBI's directions and expects an impact of up to INR 5 billion ($36 million) on its annual earnings. The move adds to regulatory concerns surrounding Paytm's business, but liquidity should not be an issue as the bank's deposits are held in government bonds and other banks.
What next for Paytm's banking arm after RBI clampdown?Paytm shares plunged the daily limit of 20% on Thursday after the central bank's move, which could be a precursor to its licence being cancelled, said a person familiar with the matter.
Vijay Shekhar Sharma tells fellow startup founders to ‘overcome every situation collectively’The comment was in response to a flurry of messages in the group expressing him support, after the Reserve Bank of India asked Paytm Payments Bank, an associate company of Paytm, to stop most of its banking services by the end of February.
RBI bars Paytm’s services; Wipro to cut hundreds of jobsIn a big blow for the Vijay Shekhar Sharma founded fintech, the Reserve Bank of India has barred Paytm Payments Bank from offering all banking services after February 29. This and more in today’s ETtech Top 5.
Paytm crosses 100 million users at end-DecemberPaytm is focussed on acquiring new users who can be monetised, founder Vijay Shekhar Sharma said. Sharma added that by using artificial intelligence in code generation, the company is seeing accelerated deployment of technology updates and is also bringing in operational efficiencies.
Unicorns meet Piyush Goyal, plan to set up ‘startups club’ to raise issuesThe four-hour discussion with Piyush Goyal focused on the growth trajectory of the Indian startup ecosystem, the role of domestic capital in nurturing and scaling startups and India's position in the international startup landscape.
Domestic investors, mutual funds increase stake in PaytmMirae Mutual Funds upped its stake in Paytm to 2.51% during the December quarter, from 1.47% previously. By the end of the last quarter, Nippon Mutual Funds also held 1.05% in the payments and financial services company.
In GIFT City, we are building a technology for global cross-border remittances system: Vijay Shekhar SharmaVijay Shekhar Sharma, CEO of Paytm, discusses the opportunities offered by GIFT City and the IFSCA. GIFT City is a place where global market access and domestic technology combine, allowing for the development of innovative solutions. Sharma mentions the plan to build a technology in GIFT City that addresses the challenge of global cross-border remittances. Additionally, he highlights the importance Vibrant Gujarat summit as a platform for fintech innovation.
Vijay Shekhar Sharma spent over Rs 2 lk on food in ‘23! Paytm CEO’s digital transactions report shows 95 orders from ZomatoHowever, despite his overwhelming love for all things gastronomical, Sharma was no match for a certain Mumbaikar when it came to ordering food!
Amidst workforce layoffs, Paytm CEO Vijay Shekhar Sharma shares to-do list for 2024; unveils major AI updatesPaytm CEO Vijay Shekhar Sharma reveals a comprehensive 2024 plan, prioritising major Artificial Intelligence (AI) upgrades following significant layoffs.
Paytm looking to hire 50,000 more salespeople to hit profit soonerBillionaire founder-CEO Vijay Shekhar Sharma is overhauling its suite of money management products to better tap growing wealth among younger users, who’re warmer to the idea of investing online.
DisclaimerThe content of this page has been aggregated from multiple websites. Some information can change over the passage of time.
BACK TO TOP