Vijay Shekhar, the founder of Paytm, met with Union Finance Minister Nirmala Sitharaman on Tuesday to discuss the ongoing issues facing the company, according to sources.
A Paytm spokesperson stated, “Over the past two years, we have been collaborating with multiple leading third-party banks. We are expanding these partnerships, which are progressing positively. We continue to operate with not just one but multiple banking partners for various services, including Paytm QR. In cases where Paytm Payments Bank operates as a back-end bank, services can seamlessly transition to other partner banks without disruption for our merchant partners. They can continue using our innovative Paytm QR codes, Soundbox, and card machines as usual.”
“We are actively engaging with our extensive network of merchant partners, and we appreciate their unwavering support. They understand that our payment solutions will continue to function smoothly. We are also observing consistent customer behavior, with no shift away from using Paytm for payments. Paytm remains committed to compliance with regulatory directives while offering secure and innovative digital payment solutions to millions across India. Our focus remains on empowering businesses and consumers, reaffirming our leadership in India’s digital payments landscape.”
Earlier, the company clarified that it had submitted specific information, denying any investigation by the Enforcement Directorate into OCL, its associates, or management.
“To address recent misinformation and speculation, One97 Communications Limited (OCL / Paytm) would like to clarify its position and address rumors in misleading media reports about the company and its associate, Paytm Payments Bank Limited (PPBL / Bank). We are committed to transparency and protecting our reputation, customers, shareholders, and stakeholders from unwarranted and speculative stories.”
“We categorically deny any investigation by the Enforcement Directorate into OCL, our associates, or our Founder and CEO for anti-money laundering activities. Neither the company nor its founder and CEO are under investigation by the Enforcement Directorate for money laundering. We have always cooperated with authorities during inquiries involving certain merchants/users on our platforms. We abide by Indian laws and take regulatory orders seriously.”
“We deny any involvement in anti-money laundering activities and urge stakeholders to refer to the official press release of RBI dated January 31, 2024, for accurate information regarding recent actions by RBI against Paytm Payments Bank. We are exploring all options to protect stakeholders from unwarranted speculation.”
