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 penalty pertains to issues within a business segment that was discontinued two years ago. On February 27, Vijay Shekhar Sharma had resigned as part-time non-executive chairperson of Paytm Payments Bank ahead of the March 15 deadline.

Money Laundering Payments Bank Paytm Fiu Vijay Shekhar Sharma Paytm Payments Bank Financial Intelligence Unit  money  payments  financial  vijay  crore  unit  shekhar  fined  intelligence  549  penalty  paytm  laundering  ministry  bank

History of this topic

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 …

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 …

Vijay Shekhar Sharma assumes leadership of Paytm: Can he steer the company to stability?
7 months, 2 weeks ago

Vijay Shekhar Sharma assumes leadership of Paytm: Can he steer the company to stability?

India TV News  

Recently it was reported that Paytm's share has crashed by about 50 per cent this year, amid high-profile exits, the RBI ban on certain businesses of Paytm Payments Bank Ltd, and fresh reports about some lending partners revoking loan guarantees due to repayment defaults from customers. As the share price continues to hit the lower circuit amid fresh uncertainties, the …

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'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 …

Vijay Shekhar Sharma | Embattled entrepreneur
9 months, 3 weeks ago

Vijay Shekhar Sharma | Embattled entrepreneur

The Hindu  

Witnessing their company’s introduction on bourses can indeed be overwhelming for any entrepreneur. This was no different for One97 Communications’ founder and CEO Vijay Shekhar Sharma who anyway had a reputation for wearing his heart on his sleeve. Mr. Sharma’s operating rationale was perhaps best captured in a 2015 interview. Responding to a question on whether he was a disruptor, …

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 …

Finance Ministry’s Financial Intelligence Unit imposes ₹5.49 crore fine on Paytm Payments Bank for PMLA lapses
9 months, 3 weeks ago

Finance Ministry’s Financial Intelligence Unit imposes ₹5.49 crore fine on Paytm Payments Bank for PMLA lapses

The Hindu  

The Financial Intelligence Unit-India under the Union Finance Ministry has slapped a ₹5.49 crore penalty on Paytm Payments Bank Limited for violations of the Prevention of Money Laundering Act, after finding substantial proof of money generated from illegal activity being routed through accounts held by some entities with the bank. proceeds of crime were routed and channelled through bank accounts …

Financial Intelligence Unit Imposes Rs 5.49-Crore Fine On Paytm Payments Bank For Violating PMLA Norms
9 months, 3 weeks ago

Financial Intelligence Unit Imposes Rs 5.49-Crore Fine On Paytm Payments Bank For Violating PMLA Norms

ABP News  

In a latest development, the Financial Intelligence Unit-India on Friday took a decisive action against Paytm Payments Bank Ltd for violations under the Prevention of Money Laundering Act, 2002. The investigation into Paytm Payments Bank Ltd was initiated by FIU-IND following specific intelligence received from law enforcement agencies regarding illicit activities conducted by certain entities. These activities included facilitating online …

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 …

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 …

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 …

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 …

Lessons to learn from the Paytm Payments Bank mess
10 months ago

Lessons to learn from the Paytm Payments Bank mess

New Indian Express  

When the Reserve Bank of India announced partial suspension of Paytm Payments Bank operations, it evoked criticism that the regulator was high-handed in dealing with a new-age fintech firm. Despite clear indications of non-compliance, the payments bank founded by a first-generation entrepreneur still enjoys sympathy. The Paytm Payments Bank saga is a sordid tale of continued disregard for compliances and …

No FEMA violation found by ED in Paytm Payments Bank case: Report
10 months ago

No FEMA violation found by ED in Paytm Payments Bank case: Report

Hindustan Times  

In the case of Paytm Payments Bank Limited, the Enforcement Directorate has not found any violation under the Foreign Exchange Management Act, The Hindu has reported quoting people familiar with the development. REUTERS/Florence Lo/Illustration//File Photo Only the apex Reserve Bank of India, which, on January 31, prohibited PPBL from onboarding new customers after February 29, cracking down due to ‘persistent …

After Paytm, more payments banks under RBI scanner for money laundering: Report
10 months, 1 week ago

After Paytm, more payments banks under RBI scanner for money laundering: Report

Hindustan Times  

After the Reserve Bank of India cracked down on Paytm Payments Bank last month, more banks are under the scanner for compliance with regulatory norms to curb money laundering, said The Economic Times reported. RBI headquarters in Mumbai The Financial Intelligence Unit has detected around 50,000 bank accounts without proper know-your-customer documents, triggering suspicion of money laundering, ET reported While …

Paytm Payments Bank not on list of 32 authorised banks for new FASTag. Here's why
10 months, 1 week ago

Paytm Payments Bank not on list of 32 authorised banks for new FASTag. Here's why

Hindustan Times  

In the midst of the ongoing controversy after the Reserve Bank of India crackdown, Paytm Payments Bank was left out of the list of 32 banks authorisied to issue new FASTag for vehicles, issued by the road tolling authority. Paytm Payments Bank not authorised to issue FASTag anymore The Indian Highway Management Company, which is the tolling arm of the …

Paytm share price hits all-time low amid ED probe against fintech firm
10 months, 1 week ago

Paytm share price hits all-time low amid ED probe against fintech firm

Hindustan Times  

Paytm shares hit all-time low on Thursday amid the Enforcement Directorate probe against the fintech firm following the Reserve Bank of India action against Paytm Payments Bank. The declining share prices have added more salt to the wounds of Paytm, which is now under Enforcement Directorate investigation after the RBI barred its subsidiary Paytm Payments Bank from accepting new deposits …

Enforcement Directorate questions Paytm executives; gets documents on latest RBI action
10 months, 1 week ago

Enforcement Directorate questions Paytm executives; gets documents on latest RBI action

The Hindu  

“The Enforcement Directorate has questioned senior Paytm executives and taken submission of documents from them following the recent Reserve Bank of India action of barring Paytm Payments Bank Limited from accepting deposits or top-ups in any customer account,” official sources said on February 15. Paytm said its associate Paytm Payments Bank Limited does not undertake outward foreign remittances. "One 97 …

Paytm crisis: Firm reacts amid reports of ED probing Paytm Payments Bank case
10 months, 1 week ago

Paytm crisis: Firm reacts amid reports of ED probing Paytm Payments Bank case

Hindustan Times  

Fintech company Paytm in an exchange filing clarified about the reports of an investigation by the Enforcement Directorate, saying that no FEMA violation cases have been filed against the company by the probe agency. Paytm denies reports of ED probe against firm One 97 Communications Limited, the parent company of Paytm and Paytm Payments Bank, stated in an exchange filing …

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances
10 months, 1 week ago

RBI Proceedings Against Paytm Payment Bank: Regulatory Compliances

Live Law  

The recent action of the Reserve Bank of India against Paytm's subsidiary, the Paytm Payment Bank has sent ripples across the fintech industry. This action of the RBI comes in light of multiple repeated violations by the Paytm Payment Bank of various compliances, regulations, and directions that are in place to regulate the functioning of payment banks. It is pertinent …

Paytm Payments Bank faces probe over foreign exchange violations
10 months, 1 week ago

Paytm Payments Bank faces probe over foreign exchange violations

India Today  

A case has been filed against crisis-hit Paytm Payments Bank Limited over violation of rules under the Foreign Exchange Management Act. The development comes two weeks after the Reserve Bank of India took strict regulatory action against Paytm Payments Bank and asked it to stop key operations. In its order, the RBI said it initiated regulatory action against Paytm Payments …

Paytm Chronicle Continues: From FAQs to RBI's Firm Stand, What We Know So Far
10 months, 1 week ago

Paytm Chronicle Continues: From FAQs to RBI's Firm Stand, What We Know So Far

News 18  

On Monday, Reserve Bank of India Governor Shaktikanta Das said there was “hardly any room” to review the action taken against Paytm Payments Bank. Asked if the deadline of February 29 would be extended, Das said, “Wait for the FAQ.” “Don’t expect review of RBI’s decision in FAQ. “Just one clarification, this particular action is against Paytm Payments Bank and …

Paytm plunges nearly 8 per cent to hit 52-week low; here's why
10 months, 1 week ago

Paytm plunges nearly 8 per cent to hit 52-week low; here's why

India TV News  

Paytm's parent company, One97 Communications, witnessed a significant drop in its shares on Tuesday, declining by nearly 8 per cent following Reserve Bank of India Governor Das's statement affirming the central bank's stance against Paytm Payments Bank Ltd. Meanwhile, the broader market indices showed a positive trend, with the BSE Sensex surging by 436.83 points, or 0.61 per cent to …

RBI Governor Shaktikanta Das rules out review of action against Paytm Payments Bank
10 months, 1 week ago

RBI Governor Shaktikanta Das rules out review of action against Paytm Payments Bank

The Hindu  

Reserve Bank of India Governor Shaktikanta Das ruled out any review of the central bank's action against Paytm Payments Bank on February 12, saying the decision was taken after a comprehensive assessment of the functioning of the lender. RBI’s action against Paytm Payments Bank While announcing the action against PPBL, the RBI had said the direction follows persistent non-compliances and …

Will RBI review its action against Paytm Payments Bank? Shaktikanta Das says…
10 months, 1 week ago

Will RBI review its action against Paytm Payments Bank? Shaktikanta Das says…

Hindustan Times  

Reserve Bank of India governor Shaktikanta Das on Monday made it clear that the central bank will not review its action against Paytm Payments Bank, while adding that the action was taken after a comprehensive assessment of the functioning of the lender. Reserve Bank of India Governor Shaktikanta Das ‘Committed to protect the interest of customers’: RBI governor The meeting …

Paytm to form advisory committee on compliance, regulatory matters led by ex-SEBI head
10 months, 2 weeks ago

Paytm to form advisory committee on compliance, regulatory matters led by ex-SEBI head

Hindustan Times  

Fintech firm One97 Communications, which owns Paytm brand, on Friday announced setting up of a group advisory committee headed by former Sebi Chairman M Damodaran, amid its associate payments bank entity facing regulatory action for non-compliance with RBI norms. Among other responsibilities, Damodaran had chaired high-powered committees for the Union government, RBI and was also elected Chairman of the EMC …

Paytm forms advisory panel under former SEBI chairman M Damodaran
10 months, 2 weeks ago

Paytm forms advisory panel under former SEBI chairman M Damodaran

Live Mint  

The owner of fintech firm Paytm, One 97 Communications Limited, on Friday announced the formation of an advisory committee chaired by former Securities and Exchange Board of India chairman M Damodaran. The three-member committee includes former president of the Institute of Chartered Accountants of India MM Chitale and former chairman and MD of Andhra Bank R Ramachandran. “The Board of …

After RBI crackdown, EPFO blocks Paytm Payments Bank from February 23 | DETAILS
10 months, 2 weeks ago

After RBI crackdown, EPFO blocks Paytm Payments Bank from February 23 | DETAILS

India TV News  

Amidst mounting challenges, Paytm Payments Bank finds itself embroiled in yet another setback as the Employees' Provident Fund Organization has issued a directive instructing its officers to exercise caution when handling claims linked to the Paytm subsidiary. This comes after the RBI on January 31 directed the Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, …

Paytm share price hits 10% lower circuit after a two-day recovery
10 months, 2 weeks ago

Paytm share price hits 10% lower circuit after a two-day recovery

Live Mint  

The stock price of One97 Communications, the parent company of Paytm, experienced a significant drop in today's trading session after recovering slightly from heavy losses in the past two trading days. Despite Sharma's efforts, reports suggest that the central bank declined to offer any concessions to Paytm Payments Bank, such as allowing the migration of accounts to other banks or …

Paytm Payments Bank's independent director Manju Agarwal resigns from board following RBI order
10 months, 2 weeks ago

Paytm Payments Bank's independent director Manju Agarwal resigns from board following RBI order

India TV News  

New Delhi: Paytm Payments Bank independent director Manju Agarwal has reportedly resigned from the board following an RBI order that imposed restrictions on the bank's operations. "Paytm Payments Bank independent director Manju Agarwal has resigned from the company's board after RBI order," the source said. RBI order to Paytm Payments Bank The RBI issued a directive on January 31, instructing …

RBI will deal with Paytm issue, government has nothing to do with it: Financial Services Secretary Joshi
10 months, 2 weeks ago

RBI will deal with Paytm issue, government has nothing to do with it: Financial Services Secretary Joshi

India TV News  

Financial Services Secretary Vivek Joshi said on Wednesday that the issue concerning Paytm is within the jurisdiction of the Reserve Bank of India, emphasising that the government's involvement is currently not warranted. He reassured that Paytm Payments Bank Ltd is a relatively small financial entity, alleviating concerns about systemic stability. Addressing concerns about financial stability due to the RBI's actions …

Paytm crisis: Vijay Shekhar Sharma knocks at Nirmala Sitharaman's door, gets curt reply
10 months, 2 weeks ago

Paytm crisis: Vijay Shekhar Sharma knocks at Nirmala Sitharaman's door, gets curt reply

Hindustan Times  

Paytm founder and chief executive officer Vijay Shekhar Sharma on Tuesday had met finance minister Nirmala Sitharaman in wake of the Reserve Bank of India actions against his Paytm Payments Bank. According to a Moneycontrol report, the central bank refused to grant any concession to the Paytm Payments Bank including the migration of users' accounts to other banks and extension …

Big setback to Paytm as RBI refuses concessions to Vijay Shekhar Sharma-led fintech firm: Report
10 months, 2 weeks ago

Big setback to Paytm as RBI refuses concessions to Vijay Shekhar Sharma-led fintech firm: Report

Hindustan Times  

In a massive setback to Paytm, the Reserve Bank of India has refused to offer any concessions during its meeting with the fintech firm founder Vijay Shekhar Sharma. The central bank refused to help Paytm Payments Bank in any manner, including the migration of accounts to other banks or extending the deadline after February 29, Moneycontrol reported. Banks not keen …

Paytm CEO Vijay Shekhar Sharma meets FM Nirmala Sitharaman amid crisis
10 months, 2 weeks ago

Paytm CEO Vijay Shekhar Sharma meets FM Nirmala Sitharaman amid crisis

Hindustan Times  

Paytm founder and chief executive officer Vijay Shekhar Sharma met Union finance minister Nirmala Sitharaman on Tuesday to discuss the ongoing challenges faced by his fintech firm following the Reserve Bank of India curbs, ANI reported. Vijay Shekhar Sharma, founder and chairman of One97 Communications Ltd., operator of Paytm. The high-level meeting took place hours after Sharma and few Paytm …

Paytm shares bounce back after nearly halving in price in three days
10 months, 2 weeks ago

Paytm shares bounce back after nearly halving in price in three days

New Indian Express  

After falling continuously for three days, shares of payments platform Paytm bounced back on Tuesday, ending up 3.3%, compared to 10-20% declines seen over the last several days. The stock had corrected by around 43% since Reserve Bank of India imposed crippling restrictions on Paytm Payments Bank – the company’s in-house provider of back-end banking services. The most pain is …

ED probing Paytm and bank unit over currency transactions: sources
10 months, 2 weeks ago

ED probing Paytm and bank unit over currency transactions: sources

The Hindu  

India's financial crime-fighting agency is investigating if platforms run by One 97 Communications, also known as Paytm, were involved in violations of foreign exchange rules, two senior Government sources said. The Reserve Bank of India ordered Paytm Payments Bank to wind down most of its businesses, including deposits, credit products and its popular digital wallets, by Feb. 29. The Paytm …

Paytm's Vijay Shekhar Sharma puts up a brave face amid crisis, tells employees ‘no layoffs’
10 months, 2 weeks ago

Paytm's Vijay Shekhar Sharma puts up a brave face amid crisis, tells employees ‘no layoffs’

Hindustan Times  

Paytm founder Vijay Shekhar Sharma assured employees that there will be no layoffs as the company continues to struggle after the Reserve Bank of India restricted Paytm Payment Bank Ltd from offering almost all major banking services- taking deposits, FASTag, and credit transactions. Many banks are helping us,” Vijay Shekhar Sharma said during a virtual town hall with employees of …

Paytm crisis: No ED investigation either against company or CEO, company asserts
10 months, 2 weeks ago

Paytm crisis: No ED investigation either against company or CEO, company asserts

Hindustan Times  

The Enforcement Directorate is neither investigating owner of Paytm brand- One97 Communications- nor its founder and CEO Vijay Shekhar Sharma for money laundering, the company said. We have and continue to abide by Indian laws and take regulatory orders with utmost seriousness.” This comes following a recent RBI order that barred Paytm Payments Bank Ltd from taking any further deposits, …

Company, CEO Vijay Shekhar Sharma not being investigated by ED for money laundering: Paytm
10 months, 2 weeks ago

Company, CEO Vijay Shekhar Sharma not being investigated by ED for money laundering: Paytm

India TV News  

Paytm said on Sunday said that neither the company nor Vijay Shekhar Sharma, the CEO of One97, is currently under investigation by the enforcement directorate for money laundering. The Reserve Bank of India had raised concerns about the creation of numerous accounts at the bank without proper identification, suspecting potential money laundering activities. "Neither the company nor its founder and …

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 …

Paytm’s Downfall: Once valued at over Rs 18,300 cr, stock sees another 20% dip, now at Rs 487
10 months, 3 weeks ago

Paytm’s Downfall: Once valued at over Rs 18,300 cr, stock sees another 20% dip, now at Rs 487

Firstpost  

After seeing its shares fall by 20 per cent on Thursday, the day, after the Reserve Bank of India took decisive action against Paytm Payments Bank and prohibited them from offering its core services, including accounts and wallets, effective from March, shares of the troubled fintech company, dropped by another 20 per cent. Additionally, the central bank instructed the termination …

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary
10 months, 3 weeks ago

Paytm Payments Bank: A look at previous RBI actions against Paytm subsidiary

Hindustan Times  

Paytm Payments Bank, a wholly-owned subsidiary of fintech major Paytm, has been barred by the Reserve Bank of India from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, and more, after February 29. Representative Image However, this is not for the first time that Paytm Payments Bank, launched in November 2017, finds itself in trouble. …

Paytm shares drop 20% in early trade, day after RBI action on its payment bank
10 months, 3 weeks ago

Paytm shares drop 20% in early trade, day after RBI action on its payment bank

Hindustan Times  

Paytm stocks: Paytm shares dropped 20 per cent in early trade, a day after the Reserve Bank of India ordered its wholly-owned subsidiary Paytm Payments Bank to stop taking deposits from March 1. The Reserve Bank in its order on Wednesday instructed Paytm Payments Bank to cease accepting new deposits without specifying a review timeline for the imposed restrictions. Follow- …

Discover Related