Paytm Crisis: Don't know where we went wrong, Paytm CEO calls employees as part of family

Paytm Crisis: Don't know where we went wrong, Paytm CEO calls employees as part of family

Vijay Shekhar Sharma: Paytm Founder and CEO Vijay Shekhar Sharma has said that he does not know where the mistake happened. After all, how did Reserve Bank of India (RBI) take such a big action against our Paytm Payments Bank. However, during the conference call, he assured the employees that there is nothing to worry about jobs. You all are part of Paytm family. The company will take care of you. Apart from Vijay Shekhar Sharma, about 900 employees including Paytm President and COO Bhavesh Gupta, Paytm Payments Bank CEO Surinder Chawla were involved in this call. 

Contacted many banks to continue services

According to Money Control report, Vijay Shekhar Sharma told the employees that the company has contacted several banks to continue the services. He said that Paytm will follow all the rules moving forward. This message of Vijay Shekhar Sharma is very important because Paytm is getting bad news one after the other. There are many question marks on the future of the company. 

The company's shares fell another 10 percent 

Shares of Paytm's parent company One 97 Communications are falling heavily. Stock exchanges had reduced the lower circuit from 20 percent to 10 percent. On Monday, it fell by 10 percent and closed at Rs 438.35. The market cap of the company has also decreased to Rs 27,838.75 crore. Paytm had claimed on social media platform X that their app will continue to work even after February 29. RBI has given this date to Paytm Payments Bank to close its operations. 

ED's investigation is being claimed 

Reuters, quoting two senior government sources, claimed that the Enforcement Directorate (ED) is investigating Paytm as well as platforms operated by One 97 Communications. ED is finding out whether foreign exchange rules were ignored in this case. However, the sources did not say under which provision of FEMA the investigation was being conducted. The investigators have not yet contacted Paytm.

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