Paytm accounted for 8.1% of total UPI transactions in May, down from 13% in January, according to data released by the National Payments Corporation of India.
Paytm Denies Media Report of Adani's Interest in Buying a Stake bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Last week, the Reserve Bank of India (RBI) issued a directive to Paytm Payments Bank, prohibiting it from accepting new deposits starting February 29, 2024.
Paytm's founder and chief executive Vijay Shekhar Sharma met Finance Minister Nirmala Sitharaman on Tuesday, according to people in the know.
Sharma sough support from the Ministry of Finance with regards to the recent clampdown on Paytm Payments Bank by the Reserve Bank of India and its impact on the fintech industry, the people said.
Paytm may be circumventing regulation to grant employee stock options to founder and Chief Executive Officer Vijay Shekhar Sharma, according to proxy advisory firm Institutional Investor Advisory Services.