The Paytm chief executive was told the government has no role to play in connection with the latest RBI restrictions when he went to meet Finance Minister Nirmala Sitharaman yesterday, said people familiar with the matter.

Vijay Shekhar Sharma is in fire-fighting mode after the Reserve Bank of India last week asked Paytm to stop its popular digital wallet, deposits and credit products.

Paytm shares had tanked over 40% since then, rebounding only this Tuesday.

Mr Sharma’s meeting with Ms Sitharaman lasted for 10 minutes and he was told the government has no role to play in this matter, said government sources.

Paytm has been asked to sort out the issue with RBI and comply with their guidelines, they added.

Mr Sharma also met RBI officials yesterday to discuss the regulatory concerns, sources said.

The RBI barred Paytm Payments Bank Ltd last Wednesday (January 31) from accepting deposits or allowing credit transactions, or top-ups, in customer accounts or prepaid instruments – such as wallets and FASTags – linked to those accounts, after February 29. However, customers will be able to utilize balances from their accounts without any limit, the RBI order said.

The RBI has also terminated the nodal accounts of Paytm’s parent company, One97 Communications Ltd, and Paytm Payments Bank Ltd.

Paytm Payments Bank has assured its customers that their money is “safe”, but they won’t be able to deposit money in their accounts or wallets after February 29. But the app will keep working beyond that as usual, Mr Sharma has said.

For decades now, Sharad Pawar has remained a formidable force on the Indian political landscape owing to his farsightedness and political manoeuvres. At 84, the seasoned politician faces one of his tallest challenges after losing his party’s name and symbol due to a mutiny led by none other than his nephew – Ajit Pawar.

The Election Commission yesterday ruled that the Ajit Pawar faction, which includes senior leaders such as Chhagan Bhujbal and Praful Patel, will retain the Nationalist Congress Party name and ‘clock’ symbol. This comes as a big setback to the Baramati strongman, more so because the general election and state polls are months away.

Here’s How Sharad Pawar faction plans to fight back

Finding A New Name

An immediate task for the faction is to find a name and symbol for their party, especially since Rajya Sabha polls are days away and Lok Sabha and state elections are also approaching. The Election Commission has provided the faction a “one-time option” to claim a name for its political outfit and provide three preferences by 4 pm today. Mr Pawar’s daughter and Baramati MP Supriya Sule yesterday said they will submit the preferences today.

According to sources, they had anticipated the poll panel’s ruling and had already discussed some names for the party. They said the veteran leader may finalise a name which has “nationalist” in it and appeals to the common man. Party sources said spectacles, rising sun and sunflower are some of the symbols being considered.

Sharad Pawar’s aide and former minister Jitendra Awhad said the veteran leader will “rise like a phoenix”. Asked about the future course of action, he said, “Sharad Pawar is our party. He is our symbol and people of this state know him. There are many people in the state who are still firmly behind Pawar.”

A major challenge for the party will be to spread awareness about its new name and symbol with just months to go for state and national elections. Many voters, especially in rural belts, may still identify the clock symbol with Sharad Pawar and unless his camp is able to reach voters across the state and introduce the new party’s name and symbol, the Ajit Pawar faction may get undue advantage in the polls.

The Supreme Court Battle

The Sharad Pawar camp has approached Supreme Court against the Election Commission ruling. Soon after the ruling yesterday, Ms Sule said the Uddhav Thackeray-led faction of Shiv Sena faced the same situation. “I think what happened with Shiv Sena is happening to us today. So, this is not a new order. Just the names have been changed, the content is the same. We will fight. We will definitely go to the Supreme Court,” she told reporters.

“Our documents were fine. The founder member and founder leader of this party is only Sharad Pawar. But now the atmosphere is something else right now. There is an adrishya shakti (invisible power) in the country doing all this,” she said, alleging a political conspiracy.

When the poll panel ruled against the Uddhav Thackeray faction last year, Mr Pawar had recounted the formation of NCP back in 1999 after he parted ways with Congress. He had said the party’s symbol and name are not as important as the public perception and work of its leaders. The challenge here is that the setback has come right before key elections and will test the veteran’s decades-long experience.

Also, the Supreme Court fight will be long-drawn and the Sharad Pawar camp is unlikely to get any major relief ahead of the elections.

His aide Jayant Patil has said the Election Commission’s ruling was contrary to a Supreme Court judgment in a related matter. “The Supreme Court (in the past) said that even though MLAs shift their loyalty, the party does not follow them. Despite this, the ECI has given a decision based on the elected representatives and their inclination,” he said, according to a PTI report. This could well be the camp’s line of argument as it approaches the top court.

What Changes In The Alliances

Sharad Pawar is one of the key leaders of the INDIA Opposition bloc and the poll panel ruling is unlikely to change that. Uddhav Thackeray, who lost his party name and symbol, following a rebellion that toppled the Shiv Sena-NCP government led by him, continues to be in the INDIA bloc. However, Mr Pawar’s bargaining position is likely to take a hit now that he has lost his party to his nephew. In Maharashtra, the Sharad Pawar faction is expected to continue it alliance with the Uddhav Thackeray-led Shiv Sena (UBT) and the Congress, with the both Mr Thackeray and Mr Pawar pushing hard for the upcoming state polls that will test their political mettle more than ever.

Leaders in the Sharad Pawar camp claim most state units are backing the veteran. So any major change in state alliance is unlikely.

The poll panel’s ruling, meanwhile, has relieved the Ajit Pawar faction and the Eknath Shinde government it is part of. Ajit Pawar welcomed the ruling “humbly” and thanked the poll panel. Maharashtra Chief Minister Eknath Shinde said the Election Commission has taken a decision on merit.

An Indian-origin student was found dead in the US this week, the fifth incident this year. Sameer Kamath, a doctoral candidate at Indiana’s Purdue University, was found dead at a nature reserve on Monday evening, the Warren County Coroner’s office confirmed in a statement.

The 23-year-old had completed his master’s degree in Mechanical Engineering in August 2023 and held a US citizenship, the statement said. He was set to complete his doctoral program in 2025.

A forensic autopsy would be conducted today, and the report released soon, officials said.

The incident comes just days after another Indian-origin student studying at Purdue University, Neel Acharya, was found dead. His body was found on the campus grounds after his mother filed a missing complaint.

His mother, Gaury, had also sought help on social media to find him, revealing that Neel was last seen by an Uber driver who dropped him off at the campus.

Last week, 19-year-old Shreyas Reddy was found dead in Ohio. Authorities ruled out any foul play or a possibility of a hate crime in the case.

Vivek Saini, pursuing an MBA in Georgia’s Lithonia, died on January 16 after he was attacked by a homeless man. Saini was attacked when he refused to provide free food to the man. Faulkner allegedly struck the student 50 times, leading to Saini’s death.

These incidents have drawn attention to the challenges faced by the large Indian student community in the United States, numbering over 300,000. Mental stress, loneliness, and exposure to substance abuse are cited as factors contributing to the gravity of such cases, with experts emphasising the need for increased awareness and support systems to address the mental health concerns of international students.