Page 4 - One 97 Communications

Ant Financial's stake value declines to Rs 2,742 crore on Paytm woes

The Chinese company, however, had sold its stake worth Rs 8,293 crore in three tranches over the one year thus saving a major part of its portfolio from the meltdown

Govt nod for OCL investment in Paytm Payment Services awaited, says Paytm

Fintech firm One97 Communications Ltd (OCL) on Monday said it has not received government approval for a downstream investment in payment aggregator subsidiary Paytm Payment Services Ltd. In November 2020, PPSL applied for a licence with the Reserve Bank of India (RBI) to operate as a payment aggregator under the guidelines on Regulation of Payment Aggregators and Payment Gateways. However, in November 2022, RBI rejected PPSL's application and asked the company to resubmit it, so as to comply with Press Note 3 under FDI rules. "As part of the Application, PPSL had also applied to the Government of India for approval of downstream investment made by the Company in PPSL, which is currently awaited. We will update the stock exchanges as and when approval is received. Meanwhile, PPSL continues to serve its existing online merchant partners," Paytm said in a regulatory filing. The banking regulator asked the firm in November 2022 to re-submit applications within 120 days after it gets .

Independent director Manju Agarwal quits Paytm Payments Bank board

"We hereby submit that PPBL is our associate entity and this event is not deemed material for the company and does not impact the operations/business of the company," OCL said

RBI Guv rules out possibility of review in action taken against Paytm PB

Reserve Bank of India Governor Shaktikanta Das on Monday said there was "hardly any room" to review the action taken against Paytm Payments Bank. In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. Talking to reporters in the national capital on Monday, Das said there was "hardly any room" to review the action taken against Paytm Payments Bank. He also said that RBI takes action against regulated entities only after a comprehensive assessment. While emphasising that RBI is supportive of the fintech sector, Das said it is also committed to protect the interest of customers as well as ensure financial stability. The central bank is expected to soon issue a set of FAQs (Frequently Asked Questions) on the Paytm matter.

RBI to issue FAQs on Paytm Payment Bank to address customers' concerns

To address various issues of customers of beleaguered Paytm Payments Bank Ltd (PPBL), the Reserve Bank will issue a set of FAQs (Frequently Asked Questions) this week. "Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer interest and depositors interest is uppermost for us," RBI Governor Shaktikanta Das said after the Finance Minister's customary address to the central bank's board. In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. 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. FAQ will address issues related with depositors, customers, wallet users, FASTag holders. Whatever is in the customers' interest that we are dealing in FAQ," he said. Earlie

Paytm shares rise amid news reports of CEO meeting FM, RBI officials

Paytm's stock price ended the session at Rs 496.7 on Wednesday. Still, since January 31 - when the RBI ordered its payments bank division to stop accepting fresh deposits from March

Paytm rebounds 19% from record low amid heavy volumes

The stock hit a new low at Rs 395.50 in intra-day deals on Tuesday, and then rebounded into the positive zone for the first time in last four trading days.

Fintech major Paytm denies reports on violation of foreign exchange rules

On Monday, media reports quoting sources claimed that the Enforcement Directorate (ED) was investigating if platforms run by OCL were involved in violations of FEMA

No ED investigation against company or CEO for money laundering: Paytm

The Enforcement Directorate is neither investigating One97 Communications, owner of Paytm brand, nor its Founder and CEO Vijay Shekhar Sharma for money laundering, the company said on Sunday. The ED had visited premises of the company and some other fintech firms like Razorpay in September 2022 for money laundering investigations against some of the merchants that were using their platforms. "Neither the Company nor its founder and CEO are being investigated by the Enforcement Directorate regarding inter alia money laundering. In the past, certain merchants/users on our platforms have been subject to enquiries and on those occasions, we have always cooperated with the authorities," Paytm said in a regulatory filing. The company said it has cooperated with the agencies during any investigations by the authorities on any set of merchants or users in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities. We have and continue t

RBI curbs on Patym to have major impact but valuation remains attractive

The fintech firm said it will compensate by expanding existing relationships with third-party banks to distribute payments, financial services and products

Paytm wallet business at risk as licence transfer uncertain: Report

For the licence to be transferred back to One 97 Communications, the RBI would have to give fresh approval, which appears difficult under the current circumstances, one of the sources said

Stocks to Watch on Jan 19: RIL, HUL, REC, Paytm, Tata Steel, Jet Airways

Stocks to watch on Friday, January 19, 2024: Tata Steel has reportedly rejected a trade union proposal to keep the blast furnaces operational at Port Talbot Steelworks in Wales, the UK

Paytm hands over 1,000 pink slips; staff from lending business affected

The decision to dismiss these employees comes weeks after the fintech company announced it would reduce the disbursement of small-ticket-size loans as RBI tightened norms

Paytm lays off over 1,000 employees as part of cost-cutting measures

The fintech giant's parent company, One 97 Communications, is working towards reducing its staff expenses by 10-15% over the ongoing financial year

Building AGI stack to shield against potential frauds, says Paytm CEO

The company said there are around 50 million merchants in India who use quick response (QR) codes for payments

Paytm disbursed loans worth Rs 5,517 crore in August, average MTU up 20%

In terms of the number of loans, in July and August, the company saw a 47 per cent jump from 6 million loans in 2022 to 8.8 million in 2023