Speaking at a panel on how technology can help tackle financial exclusion, Vijay Shekhar Sharma said the crisis had forced more merchants to use PayTM’s platforms as businesses were forced to accept digital payments.
PayTM, which began as a service for people to top up their mobile phones, offers a digital payment platform for merchants, money transfers and bill payments across India. Its lending businesses include credit cards, personal loans and merchant cash loans in partnership with other lenders.

The regulator said on Wednesday, it was setting up a six-member working group to evaluate digital lending activities and identify risks posed by unregulated digital lending to financial stability, regulated entities and consumers.
In December, the RBI had issued a notice about lending apps, warning that some engaged in “unscrupulous activities”, such as charging excessive interest rates and fees.

The tax department in a tweet said 5.95 crore ITRs for Assessment Year 2020-21 were filed till January 10, 2021, as compared to 5.67 crore ITRs filed for the previous Assessment Year by September 10, 2019.