A day after the Reserve Bank of India banned the operations of the Paytm Payments Bank, Paytm CEO Vijay Shekhar Sharma broke his silence during the closely-watched conference call on Thursday. Sharma categorically said that the company is taking immediate steps to comply with the order of the RBI.

He also said that “from here on we are clear we will work with various other banks and not PPB (Paytm Payments Bank).” The Paytm founder further said that the central bank has not sent any details following its decision. He also specified that this is entire episode is strictly between PPB and the RBI.

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Sharma said that in offline versions, the All-in-one QR, which is presently powered by Paytm Payments Bank, will now be changed. The new QR would be backed by a ‘sponsored bank’. Paytm COO Bhavesh Gupta said that this will be a mega exercise. Giving a timeline, Gupta said that the new acquisition will commence in a week or two.

Meanwhile, in a series of social media posts on X, Paytm issued FAQs over RBI ban. From investments with Paytm Money to NCMC Card, POS machine, FASTag usage, Paytm firmly said that no money operation will be impacted.

Paytm suffers bloodbath on D-Street

Paytm witnessed a 20% decline in its market value during Thursday trade, as the central bank directed its payment bank to cease operations, jeopardizing the company’s route to profitability and the functionality of its reliant app. Reuters reported that the RBI’s directive might be a preliminary step towards revoking the bank’s license.