Paytm Chief Executive Officer Vijay Shekhar Sharma is being slammed online for his tribute to Ratan Tata, leading him to delete the post. Mr Sharma’s post was intended to honour the industrialist who died at 86 on Wednesday. However, it was met with criticism amidst an outpouring of tributes from leading figures, including Ola CEO Bhavish Aggarwal, People Group CEO Anupam Mittal, former Xiaomi CEO Manu Kumar Jain and former BharatPe CEO Ashneer Grover. The Paytm CEO faced backlash for a particular comment, prompting him to remove his post on X (formerly Twitter). 

Many tributes were well-received by social media users, but Mr Sharma’s post did not resonate positively on the internet. A screenshot of his deleted tribute, shared by user Shivam Sourav Jha, has since gone viral on the microblogging site. In his message, Mr Sharma stated, “A legend who will inspire every generation. Entrepreneurs of the next generation will miss interacting with the most humble businessman of India.”

However, the last line of his post drew considerable criticism, with many users expressing their disapproval. The particular phrase was seen by many as inappropriate and disrespectful. 

Reacting to Mr Sharma’s now-deleted post, one user wrote, “In very bad taste. No need to mock like this @vijayshekhar”. “Last line not appropriate…We loss an Incredible Person Ratan Sir .. departed soul rest in peace,” commented another. 

“The line below should not have been written like this, I did not like it,” expressed a third user. “I guess the intention is not wrong but the timing is wrong and not any one in our country will tolerate such post for a legend and a gentleman like tata sir who has made every Indian proud,” added another. 

Meanwhile, after removing the original post, Mr Sharma issued a revised statement. “RNT for me was the most humbling business leader of India. Future generations of business leaders will miss his generous interactions and kindness. Salutes Sir. You will live in our hearts forever,” he tweeted. 

Also Read | Ratan Tata’s Biggest Instagram Hit? It’s Not About Dogs Or Destinations, But This Car

Ratan Tata died at Mumbai’s Breach Candy Hospital on Wednesday at the age of 86. His death marks the end of an era in Indian business, where a man reshaped the country’s industrial landscape and catapulted his family-owned conglomerate into a global powerhouse.

His death has drawn an outpouring of grief and tributes from across the country. Prime Minister Narendra Modi remembered Mr Tata as a visionary business leader and a compassionate soul. Business leaders Gautam Adani, Anand Mahindra, and Sundar Pichai also shared their condolences.

New Delhi:

Market regulator Sebi has issued notice to fintech firm One97 Communications, which owns the Paytm brand, in the March 2024 quarter on employee stock options given to its MD and CEO Vijay Shekhar Sharma, according to the company filing on Monday.

In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the market regulator to make required representations.

According to Paytm’s financial year 2024 annual result filing, it had issued 2.1 crore employee stock options (ESOP) to Mr Sharma in the financial year 2022.

Sebi had issued a show cause notice to Paytm on ESOP issued to Sharma.

“This is not a new development, as the Company had already made relevant disclosures on this matter in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The Company is in regular communication with the Securities Exchange Board of India (SEBI) and making necessary representations regarding this matter,” Paytm said in response to a stock exchange query.

The disclosure made on May 22 and July 19 said that Paytm has submitted its preliminary response and is in the process of seeking further information from the regulator in this regard.

“Based on an independent legal opinion obtained by the management, it believes that the Company is compliant with the relevant regulations. Accordingly, there is no impact on the financial results for the year ended March 31, 2024,” the filing said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

Paytm Founder and CEO Vijay Shekhar Sharma has said the company was like his daughter who was a school topper and met with an accident on the way to an entrance test.

Metaphorically speaking at the 7th JITO Incubation and Innovation Fund (JIIF) Foundation Day, Mr Sharma said, “As a founder, my company is like my daughter…as a company, we were getting mature…it is just as if a daughter who is a school topper has met with an accident on way to an entrance test…that is the kind of feeling which is little personal, emotional feeling”.

At the event, he also spoke about his learnings from the Reserve Bank of India (RBI) action on Paytm Payments Bank.

The CEO acknowledged that the setback was emotionally challenging on a personal level, but it served as a valuable lesson in fulfilling responsibilities professionally.

In addition, Mr Sharma talked about his dreams and ambitions, and his highs and lows.

He said that his personal ambition is to build a $100 billion company, adding that he wants Paytm to be recognised globally as an Indian firm.

Furthermore, he said that listing a company brings “a lot more responsibility and maturity,” which has its own value and joy.

Meanwhile, Paytm has witnessed early signs of recovery and strong stabilisation for its Unified Payments Interface (UPI) business, marking a strong turnaround for the company.

The total value of UPI transactions processed on the Paytm platform grew to Rs 1.24 trillion in May, on the back of the company launching several initiatives for users such as Credit Card on UPI, as well as pushing the lever on UPI Lite.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

The board of India’s Paytm Payments Bank is independent and capable of addressing regulatory concerns, the chief executive officer of digital payments firm Paytm, formally known as One97 Communications Ltd, (OCL) said on Monday.

“I, personally or anyone from OCL, have no connection with the payments bank,” Vijay Shekhar Sharma said at a webinar.

“There is an independent board taking care of everything and we have full faith in their capability.”

The Reserve Bank of India (RBI) in late January had ordered Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March, citing supervisory concerns and persistent non-compliance with rules.

Paytm Payments Bank’s parent is One 97 Communications, popularly known as Paytm for its digital payments app.

One97 owns 49% in the payments bank, while Mr Sharma holds the remaining 51%.

In February, following the RBI’s order, Mr Sharma stepped down as non-executive chairman and board member of Paytm Payments Bank.

 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

Paytm CEO Vijay Shekhar Sharma on Monday resigned as non-executive chairman and board member of Paytm Payments Bank, amid ongoing regulatory challenges faced by the digital payments giant. The decision follows a series of measures imposed by the Reserve Bank of India (RBI), including an order for Paytm Payments Bank to wind down operations by March 15 due to persistent compliance issues and supervisory concerns.

The RBI’s action against the payments bank stemmed from various concerns, including inadequate customer identity checks and a perceived lack of arms-length distance from the parent company, Paytm. These issues prompted a major board overhaul, with former chairman of Central Bank of India, Srinivasan Sridhar, former Bank of Baroda Executive Director Ashok Kumar Garg, and two retired Indian Administrative Service (IAS) officers joining the payments bank’s board.

Paytm’s decision to reconstruct the board with independent and executive directors is seen as an effort to demonstrate compliance with regulatory norms and salvage the situation. While the RBI did not explicitly mandate the board reconstruction, it is speculated that the move aims to reassure the regulatory body about Paytm’s commitment to adhering to norms.

Why Vijay Shekhar Sharma Quit

Mr Sharma owns a 51 per cent stake in Paytm Payments Bank while One 97 Communications, as Paytm was formally known, owns the rest. Mr Sharma said that his resignation from the board and the appointment of independent directors were strategic steps to enable a smooth transition and enhance governance structures. The move is also seen as an attempt to disassociate Paytm from its payments bank unit and position it as an independent entity.

The regulatory challenges faced by Paytm have impacted its stock value, with a significant drop since the RBI’s order. However, the stock has shown signs of recovery, attributed to Paytm’s partnership with new banking entities and the RBI extending the deadline for winding down the payment bank’s operations.

Nirmala Sitharaman’s Action

Finance Minister Nirmala Sitharaman on Monday convened a meeting with representatives from the fintech industry to discuss their concerns and issues. However, the developments at Paytm Payments Bank were not specifically addressed during this meeting, according to two government officials who were present, reports Reuters.

In response to the crisis, the finance ministry has announced plans to hold discussions with Indian law enforcement agencies and fintech firms in the near future. This upcoming meeting aims to facilitate communication between fintech firms and various enforcement agencies, as mentioned in a statement released by the ministry.

The concerns raised by some listed fintech companies regarding their ownership structures will be examined by both the central bank and the government. This move signals a broader effort to enhance transparency and accountability in the fintech sector.

Additionally, the government has pledged to simplify ‘know your customer’ (KYC) norms across the fintech space. Simplifying KYC requirements could streamline onboarding processes for users, potentially addressing some of the operational challenges faced by fintech firms.
 

Vijay Shekhar Sharma. File.
| Photo Credit: Reuters

Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), and the board of the bank has been reconstituted.

The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank.

PPBL has reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, Paytm said in a regulatory filing on Monday.

These persons had recently joined as Independent Directors, it said.

One 97 Communications Ltd (OCL) is the owner of the Paytm brand.

“The company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new Chairman,” the filing said.

OCL supports PPBL’s move of opting for a board with only independent and executive directors by removing its nominee, it added.

“PPBL’s future business to be led by a reconstituted Board,” the filing stated.

Paytm said on Monday that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank’s unit, as the embattled digital payments company overhauls its board after a central bank clampdown.

The action against Paytm Payments Bank followed “serious supervisory concerns”, including inadequate customer identify and a lack of arms-length distance with Paytm, sources had told Reuters.

The Reserve Bank of India has asked the banking unit to wind down its operations by March 15 due to persistent non-compliance and continued material supervisory concerns, triggering a meltdown in Paytm’s stock.

Srinivasan Sridhar, former chairman of state-owned Central Bank of India, former Bank of Baroda Executive Director Ashok Kumar Garg and two retired Indian Administrative Service officers will join the board, Paytm said in an exchange filing.

The new board members’ expertise will be “pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices”, Paytm Payments Bank CEO Surinder Chawla said.

Paytm supports its banking unit’s move of opting for a board with only independent and executive directors by removing its nominee, it said, adding Sharma was also stepping down from the board to “enable the transition”.

Mr Sharma owns a 51 per cent stake in Paytm Payments Bank, while One 97 Communications, as Paytm is formally known, owns the rest.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Shares of One97 Communications Ltd, which owns Paytm brand, climbed 10 per cent on Wednesday, February 7 morning, continuing its recovery journey.

The stock jumped 9.99 per cent to Rs 496.75 on the BSE after a firm beginning.

Shares of the company climbed 9.99 per cent to Rs 496.25 on the NSE.

Earlier, Vijay Shekhar Sharma, founder and CEO of One97 Communications, met Finance Minister Nirmala Sitharaman in the presence of top Department of Financial Services officials, amid the crisis engulfing Paytm Payment Bank’s operation

He was told in no uncertain terms by Ministry representatives that the bank needs to comply with Reserve Bank of India (RBI) directives and regulations. The government has no role to play in the matter that entails the central bank asking Paytm Payment Bank to suspend acceptance of deposits after February 29, it was conveyed to Mr. Sharma, sources in the know said.

The stock of One97 Communications Ltd rebounded by over 3 per cent on Tuesday after three days of sharp fall.

From February 1-5 (three days of trading), the company’s stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the RBI’s crackdown.

Last week, RBI ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.

Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL).

One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Founder Vijay Shekhar Sharma has a 51 per cent stake in the bank.

A Delhi advocate has claimed that she lost Rs 50 lakh to a “sim swapping scam”. As per an Indian Express report, the woman received three missed calls from an unknown number. After she called back from a different number, the person said that it was a courier call. The woman then shared her house address, the report added. After sharing the details, the 35-year-old reportedly got two transaction notifications from her bank.

Delhi Police’s cyber unit said the woman didn’t share any information like OTP (one time password) with the scammer.  

What is Sim Swapping Scam?

A scammer manages to get access to your SIM card. They trick the network provider into linking your number to the SIM card they have in possession.

How to protect yourself?

There are some basic points that one should keep in mind: 

– Never entertain a person who sounds suspicious to you.

– If your sim card is locked or it shows an error message like “no valid,” immediately get in touch with your service provider and block your number. 

– You can also avail of the sim lock facility. It will help keep your details safe.

– Following this, block your UPI and internet banking.

– Keep changing your passwords at regular intervals.

– Keep a check on your account details. 

– In case of any fraudulent transaction, you must inform the bank immediately. 

– You can opt for a two-factor authentication security feature. It will help keep your details safe.

How long does it take to crack passwords?

Recently, Paytm founder and CEO Vijay Shekhar Sharma spoke about how much time a hacker takes to crack passwords. He also spoke about the importance of passwords.

Mr Sharma said that it is the length of the password that matters the most. He has shared a detailed chart on X – formerly known as Twitter. The note attached to it read, “It is the length of the password that matters most. Add a few small caps to make one.”

It is length of password that matters most. Add few small caps alphabets too to make one. pic.twitter.com/CATY4gSEPk

— Vijay Shekhar Sharma (@vijayshekhar) October 14, 2023

For number-only passwords, the time taken by a hacker can vary from “instantly to six days” depending on its characters.