The creator of Paytm, Vijay Shekhar Sharma, reassured users that the app will stay up after February 29 in response to the Reserve Bank of India’s (RBI) move. Vijay Shekhar Sharma posted on X, formerly Twitter, saying, “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 serve our nation in full compliance.”
He declared, “India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it,” expressing confidence in the country’s ongoing success in the digital finance space.
This follows an announcement from the RBI on January 31 that Paytm Payments Bank will not be able to continue offering banking services beyond February 29. The central bank announced that Paytm would face harsh penalties, although it did not say why, citing compliance difficulties. Users have been assured by the firm that all services associated with Paytm Payments Bank will be moved to other lenders. As a result, it declared that Paytm services won’t be interrupted starting on March 1.
“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,” stated Vijay Shekhar Sharma earlier.