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Paytm crisis: "Don't know what went wrong", Vijay Shekhar Sharma to employees on RBI circular, assures job safety
In an attempt to pacify employees in the wake of the ongoing crisis at Paytm, founder Vijay Shekhar Sharma assured that there will be no layoffs as the company continues to engage with RBI and work with other banks for partnership. “You are a part of the Paytm family, and there is nothing to worry about. Many banks are helping us,” Sharma said during a virtual town hall with employees of Paytm Payment Bank Ltd (PPBL) on Saturday. Sharma was joined by company's President and Chief Operating Officer (COO) Bhavesh Gupta, and CEO of PPBL, Surinder Chawla. “We are not completely sure of things…like what exactly went wrong. But we will figure out everything soon. We will reach out to the RBI to see what can be done,” the founder said while addressing about 800-900 employees on the call that went on for almost an hour. The meet came three days after the RBI restricted PPBL from offering almost all major banking services, including taking deposits, FASTag, and credit transactions. Since then, the fintech major, who relies on PPBL for several of its products and services, has been looking to forge partnerships with other banks, while grappling with merchant bank account transfers, communication with users, stock price stability among other things. The stock exchanges have cut the daily trading limits for the digital payments firm to 10% from 20%, after a $2 billion rout in the stock. One employee said that Sharma took a “confident and assuring tone” to speak to the workforce, in his first direct address with them after the RBI diktat on January 31. Source - Money Contol
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