Founder of Paytm Step Down from the Payments Bank Board

Good days are not coming for Paytm as the founder – Vijay Shekhar Sharma resigned from the post of non-executive chairman and Board member. The company is facing huge trouble after the regulatory hurdles from the Reserve Bank of India. 

For further business operations, Paytm will partner with Axis Bank, HDFC Bank, Yes Bank, or SBI.

Reserve Bank of India has instructed the National Payment Corporation of India (NCPI) to evaluate the application of Paytm to become a third-party application provider for the major 4-5 banks of India. As per the news coming Axis Bank will be the first partner of Paytm.  NCPI will present its report in a month to analyze the capabilities of companies’ tech for bank services.

An advisory committee of the Company is working on strengthening compliance and looking at all the regulatory matters of RBI. Despite all this news coming the share price of Paytm increased by 5% which shows investors are showing their faith in the company.