Vijay Shekhar Sharma Reflects on Company Responsibilities

At the seventh JITO Incubation and Innovation Foundation (JIIF) annual conclave in Delhi, Paytm founder Vijay Shekhar Sharma admitted the company could have managed its responsibilities better, learning valuable lessons.

Challenges Faced by Paytm says Vijay Shekhar Sharma:

This admission comes five months after the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank, citing non-compliance issues. The RBI’s directives halted the acceptance of deposits, credit transactions, and top-ups, significantly impacting the payments bank’s operations.

The restrictions led to a substantial operational slowdown, reducing the sales employee headcount by approximately 3,500 in the last quarter of the financial year 2023-24.

Vijay Shekhar Sharma Response to Employee Layoffs:

In June, One97 Communications, Paytm’s parent company, laid off an undisclosed number of employees. Despite this, Sharma maintained a positive outlook: “All is well, and all is rocking.”

This follows allegations that the company forced employees to resign without severance pay, leading to complaints that were directed to the Ministry of Labour and Employment.

Expectations from the 2024 Union Budget:

Sharma expressed his hopes for the upcoming Union Budget, emphasizing the need for government support for startups and small businesses. He also highlighted the importance of enhancing the Open Network for Digital Commerce (ONDC) platform and revising the country’s overall e-commerce policy.

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