Posted in: Business Partners in Indore | Posted: |
On Thursday, Vijay Shekhar Sharma, founder and CEO of Paytm, announced that the company will concentrate on its core business of payments and the expansion of financial services to achieve “profitability soon.”
“The last six months have provided us with valuable lessons, allowing us to rigorously assess our business processes, compliance, and internal operations. I can now confidently say that we have embraced a compliance-first approach, ensuring that our business adheres completely to all regulations, both in letter and spirit,” Sharma stated during Paytm’s annual general meeting.
Sharma emphasized, “By focusing on our core payments business, we aim to achieve profit after tax (PAT) profitability soon.” This statement follows the Reserve Bank of India’s (RBI) directive in February, which halted the payments bank subsidiary of Paytm from accepting new deposits or popular wallet transactions starting in March.
Sharma also mentioned that Paytm plans to apply for a payments aggregator license from the RBI in the future. Additionally, the company recently obtained approval for foreign direct investment from the Indian government. Read More -- https://voiceofentrepreneur.life/
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