Paytm woes worsen as traders' body advises users to switch to other payment apps after RBI crackdown
10 months, 2 weeks ago

Paytm woes worsen as traders' body advises users to switch to other payment apps after RBI crackdown

Hindustan Times  

After the Reserve Bank of India cracked down against Paytm Payments Bank and its regulatory violations, traders' body CAIT issued a cautionary advice to Paytm users, urging them to switch to other payment apps. The Confederation of All India Traders said in a statement that traders are advised to use payment platforms other than Paytm for business-related transactions as RBI has sounded an alarm about several risks in Paytm Payments Bank due to KYC violations. Earlier, Paytm founder Vijay Shekhar Sharma had emphasised that RBI's notice against Paytm Payments Bank will not impact the business of Paytm app, as the two are separate entities. RBI's concerns against Paytm Payments Bank This advisory by CAIT comes shortly after RBI issued a notice to Vijay Shekhar Sharma-led Paytm Payments Bank, raising concerns regarding money laundering as the bank failed to meet with the regulator's norms for KYC of customers.

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History of this topic

Paytm gets government nod for investment in payments arm: Details
3 months, 3 weeks ago

Paytm gets government nod for investment in payments arm: Details

India TV News  

India's Paytm has received approval from the country's finance ministry to invest in its payment services business, the fintech firm. In July, Reuters reported, citing a top finance ministry official, that Paytm had secured approval for a 500 million rupee investment in its payments arm. Paytm Payment Services is one of the biggest remaining parts of the fintech firm's business …

Paytm said to get government nod to invest in payments arm: report
5 months, 2 weeks ago

Paytm said to get government nod to invest in payments arm: report

The Hindu  

India's beleaguered Paytm has secured approval from a government panel that oversees investments linked to China to invest 500 million rupees in a key subsidiary, three sources with direct knowledge of the matter said. The approval, which still has to be vetted by the finance ministry, will remove the main stumbling block to the unit, Paytm Payment Services, resuming normal …

Paytm’s market share Continues to fall after RBI crackdown
6 months, 2 weeks ago

Paytm’s market share Continues to fall after RBI crackdown

Hindustan Times  

Paytm’s market share among India’s online payment apps, fell for a fourth straight month as the fintech pioneer struggles to recover from the Reserve Bank of India ordering its affiliate, Paytm Payments Bank to shut down, according to a Bloomberg report. Paytm Payments Bank isn’t actually controlled by Paytm, but is part of founder and CEO Vijay Shekhar Sharma’s fintech …

Is Paytm in talks with Adani Group to sell stake? Company issues clarification
6 months, 3 weeks ago

Is Paytm in talks with Adani Group to sell stake? Company issues clarification

India TV News  

New Delhi: One97 Communications Limited, the parent company of Paytm, has denied being in discussions with the Adani Group about a potential stake sale, terming the report "speculative". This clarification comes in response to a report suggesting that billionaire Gautam Adani was in talks with Paytm founder Vijay Shankar Sharma to buy a stake in the digital payments company. News …

Paytm aims to cut around 20 per cent of workforce amid rising employee costs: Report
7 months ago

Paytm aims to cut around 20 per cent of workforce amid rising employee costs: Report

India TV News  

Digital payments firm Paytm is reportedly contemplating a workforce reduction of approximately 15-20 per cent in the ongoing financial year as part of its strategy to reduce employee costs. This surge likely elevated the average employee cost to an estimated Rs 10,60,000, reflecting the company's evolving financial dynamics, as per a report by the Financial Express. Paytm aims to cut …

Paytm layoffs: Company warns of job cuts as revenue falls 2.7%
7 months ago

Paytm layoffs: Company warns of job cuts as revenue falls 2.7%

Hindustan Times  

Paytm announced that there may be job cuts at the company as it plans to trim non-core assets following its first-ever decline in sales on May 22. Paytm reported Q4 results after a regulatory probe into its financial arm Paytm Payments Bank by the Reserve Bank of India In a letter to shareholders, Vijay Shekhar Sharma said, “We expect near-term …

Paytm Q4: Vijay Shekhar Sharma tells shareholders ‘anticipate tangible results’
7 months ago

Paytm Q4: Vijay Shekhar Sharma tells shareholders ‘anticipate tangible results’

Hindustan Times  

Paytm's Vijay Shekhar Sharma told shareholders that the company's revenue and profitability will be impacted in the near-term due to disruptions faced in the business in Quarter 4. Vijay Shekhar Sharma, founder and chairman of One97 Communications Ltd., operator of Paytm, attends the Japan Fintech Festival in Tokyo, Japan. Full text of Paytm founder and CEO Vijay Shekhar Sharma’s letter …

What is happening with Paytm? Is it working now, can you UPI, and other FAQs answered
7 months, 1 week ago

What is happening with Paytm? Is it working now, can you UPI, and other FAQs answered

India Today  

Paytm Payments Bank was recently banned in India by the government on the pretext of non-compliance with regulations and supervisory issues. It will continue to function as it used to work, and features related to Paytm Payments Bank are not available. You can continue to make UPI Payments, send or receive money through UPI, or make offline QR code payments …

Paytm starts migrating users to new UPI IDs: What changes for you?
8 months ago

Paytm starts migrating users to new UPI IDs: What changes for you?

Hindustan Times  

One97 Communications Limited, Paytm's parent company, began migrating customers to partner payment service provider banks Axis Bank, HDFC Bank, SBI and Yes Bank. Until now, Paytm UPI customers were using Paytm Payments Bank Limited which was barred by the Reserve Bank of India from conducting several business operations. Paytm roped in Axis Bank, Yes Bank, SBI and HDFC Bank as …

Paytm share price falls nearly 3% after payments bank chief quits
8 months, 2 weeks ago

Paytm share price falls nearly 3% after payments bank chief quits

Hindustan Times  

Paytm share price: Shares of Paytm fell nearly 3 per cent today after Surinder Chawla stepped down as the Paytm Payments Bank managing director and chief executive. Paytm share price: A QR code for the Paytm digital payment system at a store in Mumbai, India. More on Paytm crisis The Reserve Bank of India imposed business restrictions on PPBL which …

Paytm stock gains for 4th consecutive day: Is the worst over?
9 months ago

Paytm stock gains for 4th consecutive day: Is the worst over?

Hindustan Times  

Paytm share price: Shares of One97 Communications, Paytm's parent company, extended gains for the fourth consecutive session as the stock soared over 4% intra-day basis today hitting day high of ₹425.70 on the NSE. Analysts on Paytm stock Global brokerage firm Morgan Stanley reaffirmed its ‘Equal-Weight’ rating on the stock and maintained a price target of ₹555 per share while …

Paytm jumps 5% as digital payments app survives banking unit shutdown
9 months, 1 week ago

Paytm jumps 5% as digital payments app survives banking unit shutdown

The Hindu  

Shares of India's Paytm rose a stock exchange-allowed maximum of 5% on Friday, March 15, 2024, a day after it got a third-party application provider license that will allow it to offer digital payments after its banking unit ceases operations. The license, granted by the country's payments authority, came as Paytm Payments Bank will cease to operate on March 15, …

Yes Bank, Axis Bank go live on Paytm's UPI platform: What you need to do
9 months, 1 week ago

Yes Bank, Axis Bank go live on Paytm's UPI platform: What you need to do

Hindustan Times  

Paytm UPI: National Payments Corporation of India gave One97 Communications Limited- Paytm's parent company- approval to be a third-party app on UPI platform. Following this, Yes Bank and Axis Bank went live on Paytm app using which users can create new handles. Paytm UPI: RBI's deadline for Paytm Payments Bank Limited to stop all banking operations ends today. New users …

Paytm share price up 5% after NPCI grants third-party app license: Will it recover?
9 months, 1 week ago

Paytm share price up 5% after NPCI grants third-party app license: Will it recover?

Hindustan Times  

Paytm Share Price today: Shares of India's Paytm rose 5%, a day after National Payments Corporation of India granted approval to Paytm's parent company One97 Communications Limited to participate in UPI services as a Third-Party Application Provider. Paytm share price today: A QR code for the Paytm digital payment system at a store in Mumbai. Paytm's stock has been hitting …

Paytm share price drops 5% ahead of Payments Bank deadline: Will fall continue?
9 months, 1 week ago

Paytm share price drops 5% ahead of Payments Bank deadline: Will fall continue?

Hindustan Times  

Paytm share price: Shares of Paytm's parent company One97 Communications Ltd tanked 5 per cent, third lower circuit in as three days. This would allow customers to continue using the Paytm app for payments through unified payment interface and would help the company as Paytm Payments Bank ceases operations by March 15. Economic Times reported that four banks- Axis Bank, …

Paytm gets third-party app license from NPCI to perform UPI transactions
9 months, 1 week ago

Paytm gets third-party app license from NPCI to perform UPI transactions

India TV News  

Paytm, the leading digital payments platform in India, has been granted a third-party application provider license by the country's payments authority. License to ensure seamless payments The newly acquired license enabled Paytm to serve as a third-party application provider, allowing customers to conduct transactions through India's unified payment interface. Partnerships with leading banks Axis Bank, HDFC Bank, State Bank of …

Paytm Payments Bank removed from FASTag issuers list. These are authorised banks: Check full list here
9 months, 1 week ago

Paytm Payments Bank removed from FASTag issuers list. These are authorised banks: Check full list here

Hindustan Times  

FASTags authorised banks: The National Highway Authority of India updated list of authorized banks and non-banking financial companies which can issue FASTags. This comes after the Reserve Bank of India barred Paytm Payments Bank Ltd from certain operations including FASTags citing non-compliance and supervisory concerns. Paytm Payments Bank has been removed from the list of authorised banks for FASTags. Airtel …

Paytm Payments Bank removed from FASTag issuers list | Check full list of NHAI-authorized banks
9 months, 1 week ago

Paytm Payments Bank removed from FASTag issuers list | Check full list of NHAI-authorized banks

India TV News  

FASTags authorised banks: The National Highway Authority of India has updated the list of authorized banks and non-banking financial companies which can issue FASTags. The revised list does not include Paytm Payments Bank has been removed from the list of authorised banks for FASTags. The Reserve Bank of India has prohibited Paytm Payments Bank Ltd from conducting certain operations, including …

Will Paytm wallet users face disruption? What RBI governor Shaktikanta Das said
9 months, 2 weeks ago

Will Paytm wallet users face disruption? What RBI governor Shaktikanta Das said

Hindustan Times  

RBI governor Shaktikanta Das said that as many as 80-85% Paytm wallet users will not face any disruption because of regulatory actions taken by the central bank against the company. Remaining users have been advised to link their apps to other banks, he said, after RBI on January 31 barred Paytm Payments Bank Ltd from accepting deposits, credit transactions or …

Paytm's Vijay Shekhar Sharma on RBI action: ‘In my lifetime, I would like…’
9 months, 2 weeks ago

Paytm's Vijay Shekhar Sharma on RBI action: ‘In my lifetime, I would like…’

Hindustan Times  

Paytm founder Vijay Shekhar Sharma said that he was confident that his company will overcome regulatory setbacks in India this year and stage a comeback. Vijay Shekhar Sharma, founder and chairman of One97 Communications Ltd., operator of Paytm, attends the Japan Fintech Festival in Tokyo, Japan. He asserted, “And it is important for you, yourself to be taking care of …

The inevitable woes of Vijay Shekhar Sharma
9 months, 3 weeks ago

The inevitable woes of Vijay Shekhar Sharma

Hindustan Times  

In February, this column argued it is too early to write off Vijay Shekhar Sharma, the founder of PayTM. The RBI compelled PayTM’s parent company One97 to say it will terminate relations with PayTM Payments Bank. Those in senior roles at the central bank agreed that Sharma is a “schizophrenic” and that the RBI ought to have acted earlier. The …

Paytm Payments Bank fined ₹5.49 crore for money laundering
9 months, 3 weeks ago

Paytm Payments Bank fined ₹5.49 crore for money laundering

Hindustan Times  

Financial Intelligence Unit on Friday imposed ₹5.49 crore penalty on Paytm Payments Bank for money laundering, PTI quoted the ministry of finance as saying. has imposed a monetary penalty of ₹5.49 crore on Paytm Payments Bank Ltd with reference to the violations of its obligations under the PMLA," the ministry said in a statement. A Paytm Payments Bank spokesperson said,"The …

Paytm cuts ties with Paytm Payments Bank, ends inter-company pacts after RBI's crackdown
9 months, 3 weeks ago

Paytm cuts ties with Paytm Payments Bank, ends inter-company pacts after RBI's crackdown

Hindustan Times  

Paytm's parent company One 97 Communications said in a company filing on Friday that the firm's board has decided to discontinue the inter-company pacts with its banking service Paytm Payments Bank to reduce dependencies. Paytm has cut company ties with Paytm Payments Bank Paytm Payments Bank Limited has remained under the lens of the Reserve Bank of India for a …

Paytm discontinues inter-company agreements with Paytm Payments Bank
9 months, 3 weeks ago

Paytm discontinues inter-company agreements with Paytm Payments Bank

Live Mint  

Fintech major Paytm on March 1 said it has mutually agreed to discontinue various inter-company agreements with its payments bank unit Paytm Payments Bank to “reduce dependencies”, Reuters reported. The goal is to enhance the governance of Paytm Payments Bank, making it more independent of its shareholders. The Paytm Payment Bank Crisis Paytm's fintech arm, PPBL has been hit with …

SoftBank’s Stake in Paytm Down to 2.83 pc
9 months, 3 weeks ago

SoftBank’s Stake in Paytm Down to 2.83 pc

Deccan Chronicle  

Chennai: Japanese investor SoftBank has divested 2.17 per cent stake worth Rs 580 crore in Paytm. With this fifth divestment in this fiscal, SoftBank’s stake in Paytm has come down to 2.83 per cent. Paytm, which has been facing regulatory hurdles, saw SoftBank divesting 1,37,84,787 equity shares in a series of disposals between January 23 and February 26, as per …

Paytm Shares Rise Over 2% As CEO Vijay Shekhar Sharma Steps Down Amidst Regulatory Scrutiny
9 months, 3 weeks ago

Paytm Shares Rise Over 2% As CEO Vijay Shekhar Sharma Steps Down Amidst Regulatory Scrutiny

ABP News  

Shares of Paytm saw a modest gain of over 2 per cent on the BSE on Tuesday, following the announcement of significant developments within the company. Vijay Shekhar Sharma, the founder and CEO of Paytm, on Monday evening took a pivotal step by resigning from his position to assist in the restructuring of the Board of Paytm Payments Bank Ltd. …

Field manager of Paytm dies by suicide in Indore fearing job loss, say police
9 months, 3 weeks ago

Field manager of Paytm dies by suicide in Indore fearing job loss, say police

India Today  

A field manager of Paytm died by suicide in Indore in Madhya Pradesh on Monday. According to Lasudia Police station in-charge Taresh Soni, the manager, Gaurav Gupta, 40, died by suicide at his house, in Scheme number 78 in Indore, due to unknown reasons. Recently, the Reserve Bank of India barred Paytm Payments Bank from receiving deposits and credits from …

Why did Vijay Shekhar Sharma have to resign as Paytm Payments Bank chairman?
9 months, 3 weeks ago

Why did Vijay Shekhar Sharma have to resign as Paytm Payments Bank chairman?

Hindustan Times  

Vijay Shekhar Sharma, the founder and CEO of Paytm, has resigned from his position as part-time non-executive chairman of Paytm Payments Bank Limited amid RBI's clampdown on the fintech firm over compliance issues. Vijay Shekhar Sharma, the Founder and CEO of Paytm Due to persistent non-compliance and ongoing material supervisory concerns, the Reserve Bank of India has prohibited PPBL from …

Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank; board reconstituted
9 months, 3 weeks ago

Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank; board reconstituted

Hindustan Times  

Paytm founder Vijay Shekhar Sharma has resigned as part-time non-executive Chairman of Paytm Payments Bank Limited ahead of the March 15 deadline to wind down its business. PPBL has also reconstituted its Board of Directors with the appointment of Ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar …

Paytm Payments Bank Fastag Users: Switch To New Provider Before March 15, Check All Options Here
9 months, 4 weeks ago

Paytm Payments Bank Fastag Users: Switch To New Provider Before March 15, Check All Options Here

News 18  

Paytm Payments Bank can no longer offer FASTag services. Indian Highways Management Company Ltd, toll collecting arm of state-owned NHAI, recently advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel. However, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. The …

Paytm Payments Bank Chairman Vijay Shekhar Sharma quits
9 months, 4 weeks ago

Paytm Payments Bank Chairman Vijay Shekhar Sharma quits

India Today  

Paytm founder Vijay Shekhar Sharma on Monday resigned as Paytm Payments Bank Chairman ahead of March 15 deadline set by the Reserve Bank of India to accept further credits into its customer accounts. Vijay Shekhar Sharma was the part-time non-executive Chairman of Paytm Payments Bank Limited. The announcement comes weeks after RBI barred Paytm Payments Bank from receiving deposits and …

Vijay Shekhar Sharma steps down as Paytm Payments Bank chairman
9 months, 4 weeks ago

Vijay Shekhar Sharma steps down as Paytm Payments Bank chairman

India TV News  

Vijay Shekhar Sharma has stepped down as chairman of Paytm Payments Bank after the bank reconstituted the board. According to the One 97 Communications Ltd, the parent firm of Paytm said that Vijay Shekhar Sharma has stepped down as part-time non-executive chairman and board member to enable the transition. "OCL withdraws its nominee from the Paytm Payments Bank Board and …

NPCI to examine Paytm's third-party app request for UPI: RBI
10 months ago

NPCI to examine Paytm's third-party app request for UPI: RBI

Hindustan Times  

The Reserve Bank of India on Friday said it has advised National Payments Corporation of India to examine One97 Communication Limited's request seeking approval for the Third-Party Application Provider route for continuation of Paytm's Unified Payments Interface services. Paytm Payments Bank cannot onboard new customers after March 15 One97 Communication Limited is the parent firm of fintech major Paytm. On …

Do you have @Paytm UPI handle? RBI has a message for you
10 months ago

Do you have @Paytm UPI handle? RBI has a message for you

India Today  

The Reserve Bank of India has asked National Payments Corporation of India to consider One97 Communication Ltd's request to become a Third-Party Application Provider for the UPI channel for continued operation of the Paytm app. This situation has prompted the need for additional measures to ensure smooth digital payments through the UPI channel operated by Paytm Payments Bank and to …

Will Paytm Wallet continue to work after March 15? So far Paytm has not clarified clearly
10 months ago

Will Paytm Wallet continue to work after March 15? So far Paytm has not clarified clearly

India Today  

Paytm Payments Bank will be banned or seized next month as the deadline for this just recently got extended. While the company has published a dedicated FAQ page to explain what will work on Paytm after March 15, it hasn't clarified whether Wallet will continue to work even if you haven't linked with Paytm Payments Bank. It's important to note …

Why is RBI so cranky about fintech firms after Paytm crisis?
10 months ago

Why is RBI so cranky about fintech firms after Paytm crisis?

Hindustan Times  

First, Paytm was asked to freeze its banking business, a crackdown so severe that India’s pioneering digital payments firm bled out nearly 60% of its market value in two weeks. While freezing fresh credits into Paytm Payments Bank accounts for “persistent non-compliances and continued material supervisory concerns,” RBI mandated that the bank terminate the nodal accounts of One 97 Communications …

Amid Paytm Payments Bank crackdown, Uday Kotak says ‘RBI knows better than you and I’
10 months ago

Amid Paytm Payments Bank crackdown, Uday Kotak says ‘RBI knows better than you and I’

Hindustan Times  

As the Reserve Bank of India continues its probe against Paytm Payments Bank and its alleged KYC irregularities, veteran banker Uday Kotak backed the move of the central bank on the recent developments. Uday Kotak, Founder, MD and CEO of Kotak Mahindra Bank Ltd While speaking regarding the ongoing Paytm Payments Bank matter, Kotak said he would not like to …

Paytm shares rebound after losing 50% in a month. What's next?
10 months ago

Paytm shares rebound after losing 50% in a month. What's next?

India Today  

Shares of digital payments firm Paytm have been on a winning run for the past four trading sessions, rising nearly 21 per cent after declining sharply over the past month. Paytm shares are down nearly 50 per cent in a month, following the Reserve Bank of India’s regulatory action against its associate, Paytm Payments Bank. In addition, the RBI’s recently …

Vijay Shekhar Sharma's message on Paytm QR code, soundbox: Will work ‘today, tomorrow…’
10 months ago

Vijay Shekhar Sharma's message on Paytm QR code, soundbox: Will work ‘today, tomorrow…’

Hindustan Times  

Paytm founder and CEO Vijay Shekhar Sharma said that its QR code and soundbox facility will continue to work even after March 15 as the company faces crisis after RBI's restrictions. Vijay Shekhar Sharma wrote on X, “Paytm QR, soundbox and EDC will continue to work like always, even after March 15. Paytm Crisis: Paytm founder and CEO Vijay Shekhar …

Paytm explains what will and what will not work after March 15: All about UPI, Fastag, Wallet and more
10 months ago

Paytm explains what will and what will not work after March 15: All about UPI, Fastag, Wallet and more

India TV News  

It is no secret that Paytm has been facing RBI restrictions in India, which is considered the deadliest ban on Paytm Payments Bank. FASTtag/NCMC Card issued by Paytm Payments Bank: Can we use it after March 15? Yes, you can currently use them by Paytm Payments Bank, but you will not be able to recharge or add money after March …

Paytm explains what will work and what will not after March 15: Wallet, Fastag, UPI questions answered
10 months ago

Paytm explains what will work and what will not after March 15: Wallet, Fastag, UPI questions answered

India Today  

As the deadline for the ban on Paytm Payments Bank has been extended, confusion around whether the UPI service will keep working or not is still there. Can you use FASTtag / NCMC Card issued by Paytm Payments Bank? Yes, you can currently use the FASTag / NCMC Card issued by Paytm Payments Bank. You can either use the amount …

Paytm, Axis Bank to apply this week for third-party route for UPI: Report
10 months ago

Paytm, Axis Bank to apply this week for third-party route for UPI: Report

Hindustan Times  

One97 Communications Limited, which owns Paytm, and recently joined hands with Axis Bank in the wake of Reserve Bank of India's crackdown against Paytm Payments Bank, will apply this week for the third-party application provider route, with the application to be sent to the National Payments Corporation of India, Moneycontrol has reported. Cutlery vendor switches on Paytm, a digital payments …

Paytm invalid for FASTag: These are 32 authorised banks you can use
10 months ago

Paytm invalid for FASTag: These are 32 authorised banks you can use

Hindustan Times  

Paytm FASTag: The National Highways Authority of India removed Paytm from the list of authorised banks that can issue new FASTags. Paytm FASTag: Car seen at Gurugram-Faridabad road toll plaza near Bandhwari village, in Gurugram, India. Paytm FASTags will become non-functional after the Reserve Bank of India issued an order directing Paytm Payments Bank to cease taking deposits or top-ups …

Paytm Fastag Deactivate: How to do it, a step by step guide for you
10 months ago

Paytm Fastag Deactivate: How to do it, a step by step guide for you

Hindustan Times  

Paytm FASTags: Highway users have been asked to buy FASTags from 32 authorised banks and not Paytm Payments Bank after the Reserve Bank of India's directed Paytm to stop accepting deposits and top-ups from any customers after February 29. Paytm FASTag: After March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments …

Another blow for Paytm: Jefferies drops ratings amid challenges
10 months ago

Another blow for Paytm: Jefferies drops ratings amid challenges

Hindustan Times  

Jefferies India dropped its rating on Paytm making it the first major brokerage to drop its rating on the company after it was hit by regulatory action by the Reserve Bank of India. Merchants using Paytm QR/Soundbox linked to another bank account can continue beyond March 15, the central bank said. "Without a banking license, Paytm's business model will now …

Paytm share price hits upper circuit again today. What's driving the rally?
10 months ago

Paytm share price hits upper circuit again today. What's driving the rally?

Hindustan Times  

Paytm share price today continued its recovery. Paytm share price today: The interface of Indian payments app Paytm is seen in front of its logo displayed. Paytm share price: Axis Bank decision Paytm's parent company- One97 Communications- shifted its nodal account to Axis Bank through an escrow account. Paytm share price: RBI deadline The Reserve Bank of India extended the …

Paytm crisis: No forex violations found by probe agency yet, says report
10 months ago

Paytm crisis: No forex violations found by probe agency yet, says report

India Today  

An investigation into potential foreign exchange breaches at Paytm Payments bank by the Enforcement Directorate of India hasn't uncovered any violations yet, according to a government source familiar with the situation, news agency Reuters reported. Since the Reserve Bank of India's announcement on January 31st that Paytm Payments Bank couldn't take in new funds, Paytm's shares have plummeted by over …

Jefferies stops coverage of Paytm stock. Here's why
10 months ago

Jefferies stops coverage of Paytm stock. Here's why

India Today  

Foreign brokerage firm Jefferies has decided to stop covering Paytm operator One97 Communications Limited’s stock for now. The brokerage said it would stop the coverage of the stock until the news flow around Paytm and its associate, Paytm Payments Bank, “settles down”. Jefferies explained that without a banking licence, Paytm's business will be similar to other payment service providers like …

Paytm shares surge 5% as Axis Bank steps in for merchant settlements amid RBI compliance woes
10 months ago

Paytm shares surge 5% as Axis Bank steps in for merchant settlements amid RBI compliance woes

New Indian Express  

NEW DELHI: Shares of One97 Communications -- owner of the brand Paytm -- jumped 5 per cent in the morning trade on Monday after the crisis-hit fintech company's decision to collaborate with Axis Bank for the continuation of merchant settlements. In the morning trade, the 30-share BSE Sensex benchmark gained 185.81 points or 0.26 per cent to 72,612.45, while NSE …

RBI action on Paytm Payments Bank has drawn fintechs' attention to compliance of laws: Chandrasekhar
10 months ago

RBI action on Paytm Payments Bank has drawn fintechs' attention to compliance of laws: Chandrasekhar

The Hindu  

The Reserve Bank's regulatory action on Paytm Payments Bank has drawn the attention of fintech firms to the importance of complying with laws, Union Minister Rajeev Chandrasekhar has said. In an interview to PTI, Mr. Chandrasekhar — the Minister of State for Electronics and IT — said the issue of Paytm Payments Bank is a case where a hard-charging and …

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