Paytm will overcome regulatory setbacks: Vijay Shekhar Sharma

 

ASIAHASAN OPPORTUNITYTO BUILD AFINANCIALSYSTEM FORTHENEXT GENERATION. MAKE PAYTM AN ASIA LEADER — INMY LIFETIME, WOULD LIKETO DO THAT VIJAY SHEKHAR SHARMA, FOUNDER, PAYTM

Paytm founder Vijay Shekhar Sharma voiced confidence that his digital payments pioneer will overcome regulatory setbacks in India this year and stage a comeback as a stronger company. “The biggest thing that I've learned is that many times your teammate and adviser may not be getting it correct,” Sharma said at a financial technology conference in Tokyo on Tuesday, his first public appearance since regulators ordered his banking affiliate to halt certain activities.

 “And it is important for you, yourself to be taking care of it versus just letting a teammate or an adviser suggest that what should it be,” he said. Sharma said he values the role regulators play in creating a healthy environment for startups in India.

 “Things become very big and systemically important, very fast,” Sharma said. “We have been able to very happily see our regulator engage.” “Asia has an opportunity to build a financial system for the next generation,” Sharma said. “Make Paytm in Asia Leader in my lifetime, I would like to do that.

” “Ambiguity brings stress,” he said. “When you are clear, when you know, then it is the perseverance on the mission that you are in.” “This is a great day when I have new lessons to learn and new opportunities to address,” he said. 

Sharma is fighting to put his digital-payments company back on stable footing after regulators placed severe curbs on the banking affiliate, the backbone for much of its financial and payments services. Sharma resigned from the Paytm Payments Bank’s board in February, less than a month after the Reserve Bank of India (RBI) prohibited the bank from accepting new deposits in its customer accounts or wallets.

Paytm PB failed to put apparatus for reporting suspicious transactions under PMLA: FIU

Paytm Payments Bank (PPB) failed to put in place an internal mechanism to "detect and report" suspicious transactions as stipulated under the anti-money laundering law and was unsuccessful in conducting due diligence of its payout service, the Financial Intelligence Unit (FIU) said in its order that imposed a fine of Rs5.49 crore on the digital entity. The federal financial intelligence agency said in its March 1 order that these charges against the bank;, a registered reporting entity with the FIU under the PMLA, were "substantiated" after more than four years of investigation and a show cause notice that was issued against it on February 14, 2022.