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Paytm, on February 9, announced setting up of a group advisory committee to advise the company on strengthening compliance and on regulatory matters. | Photo Credit: The Hindu Shares of Paytm owner One97 Communications jumped 5% in the morning trade on February 26 after Reserve Bank of India (RBI) asked retail payment settlement body NPCI…
Read More “Paytm shares jumped 5% in the morning trade on February 26, 2024” »
A set of newly identified banks will need to back the Paytm app. The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP). If approved, this would allow…
Read More “RBI’s Measure Over Paytm Request “For Continued UPI Operation”” »
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…
According to sources, as there is no PMLA scheduled offences involved in the case of PPBL, money laundering investigation cannot be done. File. | Photo Credit: Reuters The Enforcement Directorate (ED) has not found any violation under the Foreign Exchange Management Act (FEMA) during the inquiry of Paytm Payments Bank Limited (PPBL) transactions. The Reserve…
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The interface of Indian payments app Paytm. | Photo Credit: REUTERS The RBI on February 16 gave 15 days more till March 15, 2024 to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants. As per…
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Paytm said its associate Paytm Payments Bank Limited does not undertake outward foreign remittances. | Photo Credit: Reuters “The Enforcement Directorate (ED) has questioned senior Paytm executives and taken submission of documents from them following the recent Reserve Bank of India (RBI) action of barring Paytm Payments Bank Limited from accepting deposits or top-ups in…
The interface of Indian payments app Paytm is seen in front of its logo displayed in this illustration. File | Photo Credit: Reuters India’s financial crime-fighting agency is investigating if platforms run by One 97 Communications, also known as Paytm, were involved in violations of foreign exchange rules, two senior Government sources said. The sources…
Read More “ED probing Paytm and bank unit over currency transactions: sources” »
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…