Vijay Shankar Sharma came forward for the first time after Paytm Crisis

Paytm Crisis: After the strictness of the Reserve Bank on Paytm, many changes took place in the company. Paytm distanced itself from Paytm Payment Bank. Meanwhile, Vijay Shekhar Sharma, founder and chief executive officer (CEO) of Paytm’s parent company One97 Communications, appeared on a public platform for the first time on Tuesday after the regulatory action on Paytm Payments Bank. During this, Vijay Shankar Sharma acknowledged the important role of regulatory partnerships and shared his vision to establish the company at the Asian level. Addressing an event in Japan, Sharma said that any kind of unclear situation brings pressure in business. Vijay Sharma, head of One97 Communications, the company that operates Paytm, said that things get too big and too fast to become systemically important. We are very pleased to see our regulator engage in this process.

Read Also: Zuckerberg lost crores of rupees due to Facebook-Insta down, know how much loss he incurred

Vijay Sharma has 51 percent stake in Paytm Bank

Recently, banking regulator Reserve Bank has stopped Paytm’s subsidiary Paytm Payments Bank Limited from doing new transactions with customers after March 15. Sharma has 51 percent stake in Paytm Payments Bank. However, the regulator has clarified that Paytm services like UPI payments which are not linked to PPBL will continue to function.

Resigned from the post of Chairman of Paytm Payments Bank

Vijay Shekhar Sharma has resigned from the post of part-time non-executive chairman of Paytm Payments Bank Limited (PPBL). Along with this, the board of directors of the bank has been reorganized. PPBL has reconstituted its board of directors with the appointment of former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Bank of Baroda executive director Ashok Kumar Garg and former IAS officer Rajni Sekhri Sibal. It said that all of them have recently joined as independent directors.