Startups founders appeal to PM, FM, RBI to reconsider sanctions against Paytm

A group of founders has addressed a letter to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and the Reserve Bank of India, urging a review of the recent penalties imposed on Paytm.

Prominent names like Rajesh Magow of MakeMyTrip, Murugavel Janakiraman of Bharat Matrimony, Deepak Shenoy of CapitalMind among others have urged reconsideration of recent sanctions against Paytm and advocate for constructive dialogue with the fintech ecosystem.

Also read/watch - Paytm CEO Vijay Shekhar Sharma meets with RBI to address regulatory concerns

The founders also emphasize the need for the regulator to reassess its directive and engage in discussions with the fintech industry. Additionally, they request the government to provide a reasonable timeframe for Paytm Payments Bank to address identified issues and implement necessary rectifications.

Paytm Share

Shares of One97 Communications, which owns Paytm brand, rebounded on Tuesday morning after three days of sharp fall. The stock jumped 7.79 per cent to Rs 472.50 on the BSE despite a weak beginning to the trade.

It climbed 7.99 per cent to Rs 473.55 on the NSE.

In the past three days, the stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the RBI's crackdown.