• Source:JND
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Paytm CEO and founder Vijay Sharma on Tuesday met the Union Finance Minister Nirmala Sitharaman amid the ongoing crisis over Patm bank payments. The spokesperson of the company said that there will be no disruptions for the merchant partners and they can continue to use Paytm QR codes, Soundbox, and card machines as before.

"Over the last two years, we have been working with multiple third-party leading banks. We are expanding these relationships, and they are progressing positively. We continue to operate (and have been in the past) with not just one partner but multiple banking partners for a host of services including Paytm QR. In the instances where our associate Paytm Payments Bank operates as a back-end bank, these services can seamlessly be transitioned to other partner banks. This means that for our merchant partners, there will be no disruptions, no need to revisit existing setups, and no additional effort. They can continue using our pioneering, Made-In-India Paytm QR codes, Soundbox, and card machines as before," said the spokesperson.

"We are actively engaging with our vast network of merchant partners and it's heartening to see their unwavering support and faith in us. They understand that Paytm QR, Soundbox, and card machines will continue to function as usual. We are onboarding more merchants and also observing a consistent pattern in customer behaviour, with no shift in their preference for using Paytm for payments. Paytm is committed to compliance with all regulatory directives while continuing to offer innovative, secure, and seamless digital payment solutions to millions across India. We remain focused on our mission to empower businesses and consumers alike, reinforcing our role as a leader in India's digital payments landscape," added the spokesperson.

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The company, earlier said that it filed a specific clarification on Sunday, categorically denying any investigation by the Enforcement Directorate on OCL, our associates, and our management.

"We have since seen additional media reports making baseless speculations about investigations of the company or its associate Paytm Payments Bank Limited (PPBL) for violation of foreign exchange rules," it said, adding that Paytm will continue to post such clarifications as required.

In an official release the company said, "To address the recent misinformation, factual inaccuracies, and speculation, One97 Communications Limited (OCL / Paytm / Company) would like to set out the company's position and directly address rumours in the recent misleading media reports about the company and its associate, Paytm Payments Bank Limited (PPBL / Bank). This filing is done in the interest of transparency and protecting our reputation, customers, shareholders, and stakeholders from being influenced by unwarranted and speculative stories. We will continue to post such clarifications as required."

RBI's action on Paytm Payments Banks is a part of the ongoing supervisory engagement and compliance process. For this action, we refer our stakeholders to the official press release of RBI dated January 31, 2024 and do not rely on unofficial sources."

(With agency inputs)