Ashneer Grover, the founder of BharatPe and former Shark Tank judge, recently expressed strong support for Paytm Payments Bank, criticizing the Reserve Bank of India (RBI) for its actions against the bank. In an interview with Mirror Now earlier this week, Grover highlighted Paytm’s pivotal role in India’s fintech landscape and emphasized its importance in fostering the growth of the country’s startup ecosystem.
Describing Paytm as the pioneer of India’s fintech segment, Grover underscored its influence as the foundation for various fintech companies, including BharatPe, attributing the latter’s existence to Paytm.
Questioning the rationale behind RBI’s punitive measures against Paytm Payments Bank, Grover criticized what he perceived as regulatory skepticism rooted in the traditional mindset of decision-makers at the RBI. He noted the age disparity between those making decisions in the RBI, typically around 60 years old, and younger innovators like himself, suggesting a lack of trust in younger individuals, particularly if they are perceived as mavericks, to manage core systems.
Expressing concerns about the legislative support for startups in India, Grover lamented a perceived glass ceiling limiting the growth of big startups and highlighted the lack of legislative initiatives to support their expansion. Despite the significant contributions of startups to India’s GDP growth, FDI inflow, and job creation, Grover argued that they receive minimal legislative support, leading to public issues as they grow.
Grover termed the RBI’s actions as a sad day for the Indian startup community, emphasizing Paytm’s role in popularizing the concept of QR codes in India and facilitating digital transactions. He emphasized that Paytm’s innovations laid the groundwork for other players in the fintech ecosystem, making the regulatory challenges faced by Paytm particularly disheartening for the startup community.
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