Page 22 - Paytm

Diversion ahead: Will Paytm's Vijay Shekhar Sharma overcome roadblocks?

At Paytm Payments Bank's presentation in 2016, Vijay Shekhar Sharma had said he saw no challenges, unless roadblocks came later

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

System in place to fix reconciliation row over tax payments: Revenue secy

Malhotra speaks of the Paytm probe, goods and services tax on online gaming companies, and revenue projections

Vijay Shekhar Sharma: From architect of fintech powerhouse to controversies

Vijay Shekhar Sharma, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched Paytm - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from Warren Buffett's Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its st

CAIT advises traders to switch from Paytm to other payment options

Traders' body CAIT on Sunday issued a cautionary advisory to traders to switch from Paytm to other payment options for business-related transactions following RBI curbs on Paytm wallet and bank operations. "The Reserve Bank of India has imposed certain restrictions, prompting CAIT to recommend that users take proactive measures to protect their funds and ensure uninterrupted financial transactions. Large number of small traders, vendors, hawkers and women are making payments through Paytm and as such RBI restrictions on Paytm could lead financial disruption to these people," the Confederation of All India Traders (CAIT) stated. Money laundering concerns and questionable dealings of hundreds of crores of rupees between popular wallet Paytm and its lesser-known banking arm had led Reserve Bank of India to clamp down on tech poster boy Vijay Shekhar Sharma-run entities, according to sources. The central bank has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business ...

TMS Ep622: Go First acquisition, Canada's restriction, Paytm, Rabbit r1

Can SpiceJet's Ajay Singh make Go First fly again? Who will gain from Canada's restrictions on overseas students? Is there more pain ahead for Paytm stock? What is Rabbit r1? Answers here

Money laundering, KYC non-compliance led to ban on Paytm Bank by RBI

Money laundering concerns and questionable dealings of hundreds of crores of rupees between popular wallet Paytm and its lesser-known banking arm had led Reserve Bank of India to clamp down on tech poster boy Vijay Sekhar Sharma-run entities, sources said. The central bank has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business including taking further deposits, conducting credit transactions and carrying out top-ups on any customer accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29. This means customers can access their existing deposits and pay for services with money stored in their wallets till February 29. And in case, RBI does not relent, top-up for Paytm wallet will stop and transactions through it would no longer can be carried. In a major action against PPBL, the Reserve Bank earlier this week directed the lender to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after ...

CEO Vijay Shekhar Sharma strives to save Paytm amid regulatory crisis

Sharma has put up a brave face even as nervous investors plundered $2 billion off Paytm's valuation after RBI ordered his banking arm to stop most of it operations from March 1

RBI restrictions on Paytm Bank: Merchants, users mull platform change

A message from the company's founder and chief executive officer, Vijay Shekhar Sharma, on messaging platform X did not help clarify matters for users of Paytm services

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

Morgan Stanley buys Paytm shares worth Rs 244 cr via open mkt transaction

Financial services major Morgan Stanley on Friday bought shares of Paytm's parent company One97 Communications for Rs 244 crore through an open market transaction. Morgan Stanley through its affiliate Morgan Stanley Asia (Singapore) Pte - ODI picked up shares of Noida-based Paytm's parent firm One97 Communications on the National Stock Exchange (NSE). According to the bulk deal data on the NSE, Morgan Stanley Asia (Singapore) Pte purchased 50 lakh shares, amounting to a 0.8 per cent stake in Paytm. The shares were acquired at an average price of Rs 487.20 apiece, taking the deal size to Rs 243.60 crore. Details of the sellers could not be ascertained. Shares of One97 Communications Ltd, which owns Paytm brand, slumped another 20 per cent on Friday, as the RBI has directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. One97 Communications Ltd (OCL) holds a 49 per cent stake i

RBI likely to consider canceling Paytm Payments Bank permit: Report

No final decision has been reached as yet and the RBI's thinking may change based on Paytm's representation, the people said

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

In 2 days, Paytm erases $2 bn in market value as RBI action spooks market

Paytm is now down about 77 per cent from its initial public offering in 2021

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

Paytm hits lower circuit, shares down 20% after RBI's restrictions

Paytm expects an impact on its annual Ebitda (earnings before interest, taxes, depreciation and amortisation) in the range of Rs 300 to Rs 500 crore

Highlights of the day: Delhi airport sees 13 flight diversions on Feb 1

From the delay in train, flight services to the updates about the interim budget 2024, catch all latest news here

Day after RBI order, Paytm says it will 'accelerate' work with other banks

Paytm's parent added that it expects this action to have an impact of Rs 300 to 500 crore on its annual EBITDA

Paytm dips 20% post RBI move; brokerages see more downside going ahead

The RBI has restricted PPBL from taking fresh deposits and credit transactions across its services due to non-compliance of regulations and supervisory concerns