Two sources conversant in the matter, who most well-liked to stay nameless as they weren’t permitted to talk publicly, confirmed to CNBC an earlier Reuters report that Paytm CEO Vijay Shekhar Sharma had met with Finance Minister Nirmala Sitharaman late Tuesday.

One of the sources added that Sharma was informed to fulfill and type out the difficulty with the RBI because it was basically a regulatory matter. 

The two sources have been divided on the end result of the assembly, with one calling it productive and presumably resulting in one thing constructive for Paytm over the long term, whereas the opposite stated it was unlikely to provide a good consequence.  

The Reuters report on Wednesday instructed Paytm had sought an extension on the Feb. 29 deadline from the RBI to cease accepting recent deposits. 

The Indian Finance Ministry, the RBI and Paytm didn’t instantly reply to CNBC’s requests for remark. A Paytm spokesperson has denied any violation of overseas alternate legal guidelines, calling them “unfounded and factually incorrect,” in response to Reuters. 

Shares of the corporate, listed as One97 Communications on India’s National Stock Exchange, hit a document low earlier in the week. The shares noticed an enormous three-day sell-off following the RBI’s order final week which worn out greater than $2.5 billion in worth, earlier than a subsequent bounce.

Earlier within the week, Indian billionaire Mukesh Ambani’s Jio Financial Services denied media stories it was shopping for Paytm’s pockets enterprise. Paytm additionally dismissed the stories as “speculative, baseless and factually incorrect.”