Page 19 - Paytm

Can work with Paytm if RBI permits: Axis Bank CEO Amitabh Chaudhry

Paytm is an important player in the fintech industry, Amitabh Chaudhry, MD and CEO of Axis Bank, said

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 .

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 secures merchant support, guarantees uninterrupted services

Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday. The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29. Withdrawal or utilisation of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions up to their available balance. "We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. In instances, where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner ...

Paytm readies three-member group advisory committee; RFP for auditors

Committee to be headed by former Sebi chief Damodaran

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

Paytm e-commerce renamed 'Pai Platforms', acquires ONDC seller firm Bitsila

Paytm E-commerce has changed its name to Pai Platforms and has acquired Bitsila, a seller platform on ONDC, gaining share in the online retail business. According to sources aware of the development, the company had applied for a name change around three months ago and got the approval from the Registrar of Companies on February 8. "... The name of the company has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited with effect from the date of this certificate... The company was originally incorporated with the name Paytm E-Commerce Private Limited," according to a Registrar of Companies notification dated February 8. Elevation Capital is the largest shareholder in Paytm E-commerce. It is also backed by Paytm Founder and CEO Vijay Shekhar Sharma, Softbank and eBay. Sources said that the company has now acquired Innobits Solutions Private Limited (Bitsila) which was launched in 2020 and operates as an ONDC seller platform with full-stack omnichannel a

Shinjini Kumar resigned from PPBL board, attended 2 meets as special guest

This means, two independent members have resigned from the board of the troubled Paytm Payments Bank

RBI to meet NHAI, NPCI to discuss rescue plan for Paytm PB users: Report

NPCI oversees the United Payments Interface payments, and NHAI operates the FASTag service

Stocks to Watch today, Feb 9: LIC, Zomato, Airtel, Paytm, Hero Moto, ZEE

Stocks to Watch on Friday, February 9, 2024: LIC of India reported a 49.10 per cent year-on- year (Y-o-Y) growth in net profit, at Rs 9,444.4 crore, during Q3FY24

Regulatory action on Paytm Payments Bank, not app, clarifies RBI

The RBI said it would next week come out with a list of frequently asked questions (FAQs) on the Paytm Payments Bank issue

RBI clampdown on Paytm Payments Bank followed persistent non-compliance

"When such constructive engagement does not work or when the regulated entity doesn't take effective action, we go for imposing supervisory or business restrictions," Guv Das said

PPBL crisis: We give enough time to comply with rules, says RBI Governor

Paytm Payments Bank crisis: Das said, 'The RBI is and will continue to encourage and support innovation and technology in the financial sector'

42% of Indian kirana stores have already shifted away from Paytm: Report

The trust in Paytm has decreased among 68% of Indian Kirana stores after the RBI announcement on January 31, a report released on Thursday said

Confusion and concern: Traders brace for impact of Paytm crisis

Some shift to alternatives and shun the platform, others still swear by it

Central Depository Services India to inspect Paytm Money's KYC process

Central Depository Services India (CDSL) may initiate inspection into Paytm Money's customer verification protocols following RBI's directives and regulatory actions against Paytm Payments Bank