Indian startup founders write to PM Modi urging rollback of sanctions on Paytm
A group of start-up founders have written a letter to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and the Reserve Bank of India, requesting them to reconsider the recent sanctions against Paytm and engage in constructive dialogue with the Fintech ecosystem.
The letter has reportedly been signed by at least a dozen founders. According to a source,the signatories include names such as Murugavel Janakiraman of Bharat Matrimony, Deepak Shenoy of CapitalMind, Ritesh Malik of Innov8, Vishal Gondal of GOQii, Yashish Dahiya of PB Fintech and Rajesh Magow of MakeMyTrip.
The letter, however, has garnered a lukewarm response from the wider Indian fintech and startup ecosystem. Many founders opted to stay away as they saw this as a Paytm-specific issue and didn't want to rub the regulator the wrong way.
According to the founders' letter, the RBI's "current, seemingly punitive, regulations levied against Paytm Payments Bank could have far-reaching and detrimental consequences for the entire FinTech ecosystem".
The letter further claimed that the sanctions against Paytm Payments Bank can impact the country's image as a business-friendly nation.
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