Page 17 - Fintech Sector

FIU, ED seek report from RBI on action taken to bar Paytm's banking unit

The Enforcement Directorate and the Financial Intelligence Unit have asked the RBI to share its report on the recent action taken to bar Paytm Payments Bank Ltd from accepting deposits or top-ups in customer accounts, official sources said on Tuesday. Federal agencies ED and FIU, tasked with checking violations under the Prevention of Money Laundering Act (PMLA), are already probing matters related to the payment gateway under provisions of the anti-money laundering law. Following the action of the Reserve Bank of India (RBI), Paytm has said it did no wrong and asserted that its brand owner company One97 Communications, founder and CEO Vijay Shekhar Sharma and Paytm Payments Bank Ltd (PPBL) are not being investigated for money laundering or foreign exchange violations. The Enforcement Directorate (ED) has asked the RBI to share its latest report so that it can analyse if it needs to initiate a probe against PPBL, a senior official told PTI. The agency has been probing Paytm and oth

Paytm crackdown spooks merchants; Walmart, Google targeting same vendors

Cash was once king in India, but Paytm is credited with revolutionising India's digital payments market which is set to be worth $10 trillion by 2026

Paytm shock: Fintech cos wary as frequent regulatory actions hurt sentiment

Compliance to take centre-stage in fintech operations this year: Industry

On Paytm crisis, startup founders write to PM, RBI to review curbs: Report

Paytm crisis: Last Wednesday, the RBI prohibited Paytm Payments Bank from accepting further deposits, crediting any transactions on customer accounts, digital wallets, etc, beyond February 29

Being fintech or tech firm doesn't absolve it of regulatory oversight: MoS

A sectoral regulator has absolute authority to regulate every firm that is a regulated entity within the sector, he said

Paytm hits 2nd straight 20% lower circuit post RBI curbs; downgrades weigh

The RBI on Wednesday restricted Paytm Payment Bank from taking fresh deposits and credit transactions across its services due to non-compliance of regulations and supervisory concerns.

Will focus on compliance first, and not technology, says Paytm CEO

Paytm to pause lending operations for a few weeks to address partners' concerns; 30,000 slaes force already working with merchants

RBI action against Paytm will hit ordinary Indians most: Cong slams govt

Hitting out at the government after the RBI action against Paytm Payments Bank, the Congress on Thursday said the order will hit ordinary Indians the most and asked why the firm with Chinese links had not been kept under stricter monitoring. In a major action against Paytm Payments Bank (PPBL), the Reserve Bank on Wednesday directed the lender to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers anytime. "No other banking services, other than those...like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc), BBPOU and UPI facility should be provided by the bank after February 29, 2024," the RBI added. In a post on X, Congress general secretary Jairam Ramesh said, "The last 10 years under PM Modi have brought only chaos to the banking system." "First, the disastrous demonetisation decision, taken without any

Mastercard's expense forecast eclipses fourth-quarter profit beat

The forecast follows a 10% jump in fourth-quarter adjusted operating expenses to $2.9 billion, largely due to personnel costs

PB Fintech surges 13%, hits 2-year high on first quarterly profit in Q3

The stock of a fintech company was trading at its highest level since January 2022. It had hit a record high of Rs 1,470 on November 17, 2021.

Bajaj Finance Q3 results: Consolidated net profit up 22% at Rs 3,639 cr

The net interest margin continues to soften gradually on account of the lagged effect of the cost of funds increase, in Q3 FY24, BFL said in a statement

Bajaj Finance Q3 results: Net profit jumps 22.4% to Rs 3,639 crore

Consolidated numbers include the businesses of the lender's subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities

Fintech unicorn InCred Finance doubles profit to Rs 298 crore in 9MFY24

InCred Finance, a non-banking financial company (NBFC), said its loan portfolio is spread across segments such as consumer loans, education loans, and small and medium enterprise (SME) lending

Startup funding in India fell 62% to six-year-low in 2023: PrivateCircle

The funding deal volume fell by a sharper 72% in 2023 to 1,444 deals as compared to 5,114 deals in 2022

Fintech associations exploring ways to incentivise SRO membership

The central bank in its draft framework had said that the industry needs to answer the question of how an SRO-FT would create incentives for membership since entities in the fintech sector

Paytm trims losses to Rs 221.7 crore, revenue from operations zooms 38%

Paytm's expenses have increased 9.5 per cent Q-o-Q to Rs 3,216.3 crore in Q3FY24 from Rs 2,936.7 crore in Q2FY24. On a Y-o-Y basis, expenses rose 27.5 per cent from Rs 2,522.3 crore

E-auction announced for developed vacant plots in Chennai Fintech City

Plots on offer are part of a multiple-use zone suitable for office, residential, and hospitality

Regulating fintech

RBI draft guidelines kick off the process

PhonePe sells over 9 million insurance policies since September 2021

The Walmart-owned fintech firm said it has contributed to over 65% growth for two-wheeler digital Insurance in India

India among most thriving cluster of fintech hubs, says WEF study

India is among the most significant operating countries for hosting a thriving cluster or fintech headquarters, a WEF study showed on Thursday. Releasing the report during its Annual Meeting 2024 here, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters. "The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters. "Among the countries surveyed, the most significant operating countries for fintechs include the US, the UK, Singapore, Mexico, and India," it added. According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50 per cent across industry verticals and regions. Consumer demand is the main driver of growth, and fintechs are offering tailored financial services and products to traditionally underserved segments of the population, it noted. The repor