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Vijay Shekhar Sharma, the founder of Paytm, India’s leading digital payment platform, has made his first public statements since the Reserve Bank of India (RBI) took action against Paytm Payments Bank. Speaking at a financial technology conference in Tokyo, Sharma expressed confidence in overcoming regulatory setbacks and staging a comeback.
Acknowledging the challenges faced by his company, Sharma emphasized the importance of personal responsibility in navigating such situations. He stated, “The biggest thing that I’ve learned is that many times your teammate and adviser may not be getting it correct. And it is important for you, yourself to be taking care of it versus just letting a teammate or adviser suggest that what should it be.”
Sharma’s appearance at the conference marks his first public engagement since he resigned from the board of Paytm Payments Bank in February, following RBI’s directive to halt certain activities. Despite these setbacks, Sharma conveyed his appreciation for the regulatory efforts aimed at fostering a healthy environment for startups in India.
Highlighting the rapid growth and significance of Paytm, Sharma noted, “Things become very big and systematically important, very fast. We have been able to very happily see our regulator engage.”
Looking ahead, Sharma expressed optimism about Paytm’s future prospects, envisioning the company as a leader in Asia’s evolving financial landscape. He articulated his aspiration to build a robust financial system for the next generation, positioning Paytm as a prominent player in the region.
In terms of strategy, Sharma outlined plans to forge new bank partnerships in the Indian market and expand into other Asian countries. He emphasized the importance of clarity and perseverance in navigating ambiguity, stating, “Ambiguity brings stress. When you are clear, when you know, then it is the perseverance on the mission that you are in.”
In closing, Sharma reflected on the opportunities for growth and learning amidst challenges, expressing enthusiasm for the journey ahead. His statements underscore Paytm’s resilience and determination to overcome regulatory hurdles and continue its mission of transforming digital finance in India and beyond.
Sources By Agencies
