Vijay Shekhar Sharma, the Founder and CEO of One97 Communications, the parent company of fintech giant Paytm, has stated that the company will prioritize compliance over technology as its primary strategy. This decision comes as Paytm adapts its business model following the regulatory restrictions imposed by the central bank.
“The important thing for us to remember is that if we do not make compliance and risk a core part of the business then it does not become the bigger business that we envision. As far as the group and entity is concerned, we now look at compliance first, technology second approach,” Sharma said.
Sharma was interacting with analysts on Thursday evening following the Reserve Bank of India’s (RBI) decision to bar Paytm Payments Bank from accepting fresh deposits and carrying out transactions from February 29 this year. He was replying to a question on how the company manages compliance and governance at One97 Communications. Paytm’s stock hit the lower circuit as its share price plummeted 20 per cent to Rs 609 per share on the Bombay Stock Exchange (BSE) within minutes of the stock market’s opening bell.
The regulator had cited “persistent non-compliance” and “material supervisory concerns”. The RBI said no further deposits or credit transactions or top-ups will be allowed in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Card (NCMC) cards, etc., after February 29, 2024, other than any interest, cashback, or refunds that may be credited at any time.
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