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Rajeev Chandrasekhar, File. | Photo Credit: Handout E Mail The Reserve Bank’s regulatory action on Paytm Payments Bank has drawn the attention of fintech firms to the importance of complying with laws, Union Minister Rajeev Chandrasekhar has said. The Minister stressed that regulatory compliance cannot be “optional” for companies, rather it is an aspect every…
A QR code for the Paytm digital payment system at a road side stall in Mumbai. | Photo Credit: EMMANUAL YOGINI Reserve Bank Governor Shaktikanta Das on Thursday said there are no systemic worries and the action on Paytm was driven by a “lack of compliance” at Paytm. Deputy Governor Swaminathan J. said the actions…
Read More “RBI says no systemic worries, action on Paytm due to “persisted non-compliance”” »
Son of a schoolteacher from Aligarh district in Uttar Pradesh, Vijay Shekhar Sharma was enamoured by Jack Ma-run Alibaba’s focus on smartphones rather than desktop computers, when he built a digital payments company that would let Indians pay for vegetables, pay utility bills or buy cinema tickets using their mobile phones. Mr. Sharma, the poster…
Read More “Paytm Payments Bank meltdown, its meaning | Explained” »
Paytm app is seen on a smartphone in this illustration image. File | Photo Credit: Reuters Traders’ body CAIT on February 4 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…