Paytm shares rebound in intraday trade, Motilal Oswal sees 30% upside
Paytm saw its worse after the Reserve Bank of India (RBI) put a ban over the operations of its payment bank services.
The jump in digitisation witnessed in India is not an outcome of demonetisation but because of Reliance Jio’s onslaught on data prices, Paytm founder and CEO Vijay Shekhar Sharma said today.
“This country’s windfall of digitisation is not because of demonetisation it is because of (Reliance) Jio,” Sharma said while participating in a discussion at the India Economic Summit here.
On the surge in digital payments post the government’s move to demonetise currency notes of Rs 500 and Rs 1,000 in November last year, the Paytm chief said:
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“It is very odd for us to believe that we were the single largest beneficiary when it (demonetisation) was going on. There is no doubt that digitisation won over the industry, it won over the banking ecosystem”.
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