Page 5 - Paytm Payments Bank

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

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

Govt reviewing FDI flow from China in Paytm Payments Services: Report

The government is examining foreign direct investment from China in Paytm Payments Services Ltd (PPSL), the payment aggregator subsidiary of One97 Communications Ltd, sources said. In November 2020, PPSL had applied for 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. One97 Communications Ltd (OCL) has investment from Chinese firm Ant Group Co. Subsequently, the company filed the required application on December 14, 2022 with Government of India for past downward investment from OCL into the company in order to comply with Press Note 3 prescribed under FDI guidelines. An inter-ministerial committee is examining investments from China in PPSL and decision would be taken on the FDI issue after due consideration and comprehensive

Paytm Payments Bank fiasco: Independent directors raised concerns

Red flags were raised on regulatory issues but they may have been late

Paytm to form advisory committee on compliance, regulatory matters

The committee will be headed by Meleveetil Damodaran, former chairman of India's markets regulator, and "will work closely with the board," Paytm said in a press release

Amid RBI's clampdown, EPFO to halt Paytm Payments Bank linked claims

Paytm crisis: The Employees' Provident Fund Organisation will stop accepting claims made via the Paytm Payments Bank accounts from February 23

Fintech major Paytm set for small win as govt close to approving investment

The RBI in 2022 held back Paytm Payments Services' application to become a so-called payments aggregator - an entity which makes it easier for online retailers and merchants to accept digital payments