Paytm CEO, Vijay Shekhar Sharma, addressed user concerns on Friday following the Reserve Bank of India's (RBI) order to halt new deposits to Paytm Payments Bank. The directive was issued on Wednesday, instructing the fintech firm to cease all banking activities by the end of February. Despite the restrictions, existing customers are free to withdraw funds and reduce balances in their prepaid cards or wallets without any limitations. In a blog post on Friday morning, Sharma reassured users that the Paytm app will "continue to function as usual beyond February 29." Paytm Payments Bank Services Have Been Curtailed by RBI Over ‘Persistent Non-Compliances and Continued Material Supervisory Concerns’: Report.
Vijay Shekhar Sharma on RBI Curbs
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…
— Vijay Shekhar Sharma (@vijayshekhar) February 2, 2024
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