Paytm Founder Vijay Shekhar Sharma Affirms Continuous Operations Beyond February 29

In the wake of the Reserve Bank of India's (RBI) recent action, Paytm founder Vijay Shekhar Sharma reassured users that the popular app would continue to operate seamlessly beyond February 29. Addressing concerns on X (formerly Twitter), Sharma expressed gratitude to Paytm users for their unwavering support and affirmed the team's commitment to providing uninterrupted services.

"To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual. I, with every Paytm team member, salute you for your relentless support. For every challenge, there is a solution, and we are sincerely committed to serving our nation in full compliance," Sharma stated.

Maintaining confidence in India's ongoing advancements in the digital finance sector, Sharma emphasized Paytm's role as a leading force in payment innovation and financial inclusion. He declared, "India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it."

The assurance comes after the RBI's notice on January 31, which restricted Paytm Payments Bank from providing banking services after February 29 due to compliance issues. While the central bank did not disclose specific reasons for the stringent measures, Paytm has been proactive in assuring users that all services linked to Paytm Payments Bank will be smoothly transitioned to other financial institutions. Consequently, the company assures users that Paytm services will not face disruptions from March 1.

Vijay Shekhar Sharma sees the current situation as an opportunity for improvement, stating, "This is an opportunity for us to come out better, stronger, abler, and more capable for the regulator’s eye, and we are going to make sure that we will get out of this situation." Paytm users can expect the digital platform to navigate the challenges and emerge even more resilient in the evolving regulatory landscape.