BS Banking Annual 2024: Fintech has tough days ahead, say experts

Fuel for fintech growth has been an issue for some time now

Late evening on January 31, Mint Road slammed the brakes on Paytm Payments Bank with a ban on raising fresh deposits and credit transactions. A Comprehensive System Audit report and subsequent compliance validation report by external auditors had thrown up “persistent non-compliance and continued material supervisory concerns in the bank, warranting further supervisory action”, said the banking regulator in a statement. The diktat would come into force after February 29; and settlement of all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29) were to be completed by March 15 with a no-go