Paytm Founder Vijay Shekhar Meets Finance Minister Nirmala Sitharaman Amid Ongoing Developments

Paytm founder, Vijay Shekhar, held discussions with Union Finance Minister Nirmala Sitharaman on Tuesday regarding the ongoing issues faced by the company, according to sources.

In response to recent developments, a Paytm spokesperson stated, “Over the last two years, we have been collaborating with multiple leading third-party banks. We are expanding these relationships, and they are progressing positively. We continue to operate with not just one but multiple banking partners for various services, including Paytm QR. In instances where Paytm Payments Bank operates as a back-end bank, services can be seamlessly transitioned to other partner banks, ensuring no disruptions for merchant partners.”

“We appreciate the unwavering support of our vast network of merchant partners. They understand that Paytm QR, Soundbox, and card machines will continue to function as usual. Paytm remains committed to compliance with all regulatory directives while providing innovative, secure, and seamless digital payment solutions to millions across India,” the spokesperson added.

Paytm clarified that it filed a specific clarification on Sunday, categorically denying any investigation by the Enforcement Directorate on OCL, its associates, and management. The company plans to continue issuing clarifications as necessary.

In a released statement, the company categorically denied any investigation by the Enforcement Directorate regarding anti-money laundering activities. It emphasized cooperation with authorities during inquiries into certain merchants/users in the past. The recent action by the RBI on Paytm Payments Bank is part of the ongoing supervisory engagement and compliance process, according to the official press release of RBI dated January 31, 2024. The company is exploring options to protect stakeholders from unwarranted and speculative stories.

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