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Paytm founder Vijay Shekhar Sharma reportedly wrote in a WhatsApp group of startup founders that nothing should stop them from continuing to build. In a message that ET has seen a copy of, he said, “We should not let anything deter us from what we all have built over so many years.” “The Indian startup dream must overcome every situation collectively,” he added.
Sharma is also said to have written about the need for a conversation at a wider level.While Paytm made a filing with stock exchanges explaining how it plans to ensure business continuity, this is reported to be the first message the founder personally gave out to the larger startup community.
His comments are said to be in response to a flurry of messages in the group expressing him support, after the Reserve Bank of India asked Paytm Payments Bank, an associate company of Paytm, to stop most of its banking services by February 29.
Addressed media and analysts
Later on February 1, Paytm management addressed media and analysts. During the call, Sharma expressed confidence about overcoming the challenges posed by the Reserve Bank of India order asking the payments bank to stop all its services. “This is an opportunity for us to come out better, stronger, abler and more capable for the regulator’s eye, and we are going to make sure that we will get out of this situation,” he said.
“The challenge what we understand thus far is very clearly articulated…the bank in its conduct of a variety of elements — being a young bank in the beginning and then growing very large in size and scale — wasn’t able to satisfy the regulator of the controls, be it on technology or in compliance, to as much satisfaction that the regulator may be seeking,” Paytm chief operating officer Bhavesh Gupta said during a call with analysts.
Sharma is also said to have written about the need for a conversation at a wider level.While Paytm made a filing with stock exchanges explaining how it plans to ensure business continuity, this is reported to be the first message the founder personally gave out to the larger startup community.
His comments are said to be in response to a flurry of messages in the group expressing him support, after the Reserve Bank of India asked Paytm Payments Bank, an associate company of Paytm, to stop most of its banking services by February 29.
Addressed media and analysts
Later on February 1, Paytm management addressed media and analysts. During the call, Sharma expressed confidence about overcoming the challenges posed by the Reserve Bank of India order asking the payments bank to stop all its services. “This is an opportunity for us to come out better, stronger, abler and more capable for the regulator’s eye, and we are going to make sure that we will get out of this situation,” he said.
“The challenge what we understand thus far is very clearly articulated…the bank in its conduct of a variety of elements — being a young bank in the beginning and then growing very large in size and scale — wasn’t able to satisfy the regulator of the controls, be it on technology or in compliance, to as much satisfaction that the regulator may be seeking,” Paytm chief operating officer Bhavesh Gupta said during a call with analysts.
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