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Vijay Shekhar Sharma’s fintech has reported its first operationally profitable quarter. However, he will need to wait to win back the regulator’s trust for Paytm to scale further.


The fintech’s financial services business has done reasonably well in Q4 FY26. But upping its lending game without the NBFC tag will be a tall task.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.
The regulator’s proposals to introduce checks and safety features in instant payments, if implemented, may end up testing banks.