The curbs had forced Vijay Shekhar Sharma to distance the bank from the fintech company, and to forge new partnerships.
Sharma holds a 51 per cent stake in the bank and the rest of the stake is held by One97 Communications Ltd.
“As far as the bank is concerned, which is a separate entity, now we are pretty much at an arm’s length so it should get sorted out soon,” Sharma told Bloomberg News.
“We’ve learnt our lessons and we’ve dramatically changed our approach towards the business.”
Last year, Sharma hired a new CEO for the bank and launched a fresh banking app.
Paytm’s profitability
Hoping to swing Paytm back to operational profitability, excluding the cost of employee stock ownership plan in the next quarter, Sharma said: “We’re on track for that.”
Paytm reported a narrowing of consolidated loss to ₹208.5 crore, mainly on account of a reduction in expenses, mainly due to payment processing charges and employee costs for the December quarter.
The company had posted a loss of ₹221.7 crore in the same period a year ago.
Revenue from operations of Paytm declined by 35.8 per cent to ₹1,827.8 crore during the reported quarter, from ₹2,850.5 crore in the December 2024 quarter due to a dip in income from payments and financial services (34 per cent), payment services (40 per cent) and marketing services (48 per cent).
Paytm shares had plummeted after the RBI’s crackdown on Paytm Payments Bank Ltd.
Paytm is also looking for a foray into international markets and has set up three overseas step-down subsidiaries of Paytm Cloud Technologies in the United Arab Emirates, Saudi Arabia and Singapore.
Paytm, Vijay Shekhar Sharma, Paytm Payments Bank, RBI, Paytm Shares, 0ne97
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