Page 5 - Paytm Payments Bank

RBI extends deadline for Paytm Payments Bank restrictions to March 15

Merchants can accept payment if account linked to other banks

Paytm shifts nodal account to Axis Bank from Paytm Payments Bank

Fintech firm One97 Communications -- owner of the brand Paytm -- has shifted its nodal account to Axis Bank from Paytm Payments Bank. The move will allow continuity of Paytm QR, Soundbox, card machine after the March 15 set by the Reserve Bank of India, as per a regulatory filing. The RBI has advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions. "The company has also shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settlements as before. "This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), OCL's wholly owned subsidiary has already been using the Axis Bank services, since its inception," Paytm said in a filing. The nodal account of Paytm is like a master

RBI extends Paytm Payments Bank restriction deadline to March 15

The earlier deadline was Feb 29

Crypto currencies have no underlying value: RBI exec director Vasudevan

Crypto currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. The Reserve Bank of India (RBI) has been critical of new-age currencies like bitcoins, saying they pose systemic risk to the financial systems. "Crypto currencies cannot be called currencies as they don't have any underlying value," P Vasudevan, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take on how to tackle crypto currencies, the official said. Currently, bitcoins have no legal backing in India and investors have to pay a tax on the income earned by trading in them. In the backdrop of the action against Paytm Payments Bank and curbs imposed on some international card providers, Vasudevan said self-regulation can protect the fintech sector better. He also said that mechanisms could be looked at to highlight bad behaviour.

Paytm hits 5% upper limit after registering new low; stock down 58% in Feb

Till 01:42 pm; a combined 20.95 million shares changed hands and there were pending buy orders for a combined 1.34 million shares on the NSE and BSE.

NHAI removes Paytm Payments Bank from FASTag authorised service list

The National Highway Authority of India's list contain a total of 30 payment banks, scheduled commercial and small finance banks, that are authorised for FASTag services

IHMCL removes PPBL's name from list of banks authorised to issue FASTag

Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel. In a post on X, IHMCL said for hassle-free travel, buy your FASTag from 32 authorised banks. The 32 authorised banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others. On January 31, the Reserve Bank directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers anytime. The direction followed persistent non-compliances and continued material supervisory concerns, the central bank had said in a statement. IHMCL has said it is encouraging FASTag users to complete the 'Know Your Customer' (KYC) .

Stocks to Watch today: IndiGo, ONGC, Oil India, Paytm, NBCC, SpiceJet, UPL

Stocks to watch on Friday, February 16, 2024: Oil producers to be in focus post windfall tax hike; Entero Healthcare to list debut today.

Paytm Payments Bank curbs may have limited impact, shows data

90% of its UPI users have accounts linked with other banks

Banking laws and regulatory shake-ups

Regulatory action against Paytm's payments bank points to the need for reform of banking regulation

ED questions Paytm officials, gets documents following RBI's decision

The Enforcement Directorate has questioned senior Paytm executives and taken submission of documents from them following the recent RBI action of barring Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, official sources said Thursday. The central agency, according to the sources, is conducting preliminary examination of documents before it decides to launch a formal investigation into the RBI-flagged alleged irregularities at the fintech company under the Foreign Exchange Management Act (FEMA). Some documents have been recently submitted by Paytm executives following which they were asked certain questions. Some more information has been sought, the sources said. As of now, no irregularities have been detected and a case under FEMA will only be registered once any contravention under the said law is found, they added. An investigation under the Prevention of Money Laundering Act (PMLA) involving Paytm is already going on for some time, they ...

ED launches preliminary probe into Fema breach in Paytm Bank case

There could be a multi-agency investigation of the company, sources have indicated

ED starts preliminary probe into Paytm Payments Bank after RBI's decision

That comes two weeks after the country's central bank ordered Paytm's banking affiliate to wind down

Paytm's tentative timeline to restart loan sanctioning ends on Feb 14

The tentative timeline shared by fintech firm Paytm to resolve operational challenges coming in the way of its lending business and restart sanctioning of new loans is ending on February 14. One97 Communications President and Chief Operating Officer Bhavesh Gupta in a company conference call on February 1 had said that the company will not be issuing new loans for "maybe a couple of weeks" before resolving operational challenges posed due to RBI restriction Paytm Payments Bank Limited (PPBL). The central bank, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. While the lending business of Paytm is not linked with PPBL, there are around 10-15 per cent of Paytm merchants, which are around 60,000-70,000 merchants, who are estimated to have autopay mandate set up through their PPBL account. Paytm needs to migrate repayments linked to PPBL to other banks to avoid disruption in repayments.

Paytm Bank's independent director resigned due to personal reason: Paytm

Paytm Payments Bank Ltd independent director Manju Agarwal resigned from the board due to personal reasons, Paytm said in a regulatory filing on Monday. Agarwal resigned from PPBL a day after RBI issued an order to Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29. "Paytm Payments Bank Ltd (PPBL), has informed us that Ms. Manju Agarwal, Independent Director resigned from the Board of PPBL on February 01, 2024, due to her personal commitments which were noted by PPBL Board on February 06, 2024," Paytm informed stock exchange in response to the clarification sought by the bourses. Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL). One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank. Paytm Payments Bank independent director Shinjini Kumar has

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

No review of action on Paytm Payments Bank: RBI governor Shaktikanta Das

Says the decision was made after a thorough evaluation of its operations

Paytm PB aftershocks: Fintechs step up customer outreach with target ads

While Paytm remains the leading player in the PoS segment, competition is heating up

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