Paytm Payments Bank removed from NHAI’s authorized banks for FASTag service. Over 20 million users need new RFID stickers from authorized banks listed by IHMCL to avoid inconvenience after Feb 29. The RBI has extended Paytm Payments Bank’s deadline to March 15, 2024, to cease transactions, considering the interests of customers and merchants.
Calendar year 2023 was a difficult year for the fintech market globally, with both total fintech investment (USD 113.7 billion) and the number of fintech deals (4,547) experiencing their weakest results since 2017. However, a recent report by KPMG revealed that a majority of this funding share was of payment fintechs globally.
RBI banned deposits to Paytm Payments Bank. Account holders can keep money or transfer it to another bank. Customers can transfer money using UPI, IMPS, or RTGS. Money in Paytm Wallet can be transferred to a bank account with limits and fees. Existing customers can use funds until exhausted.
The central banks of India and Nepal finalized the terms of reference to integrate their respective fast payment systems: India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI). This integration aims to streamline cross-border remittances between the two countries by allowing users of both systems to conduct instant, cost-effective fund transfers.
The road tolling authority has advised highway users to buy FASTags from authorized banks, listing 32 banks except Paytm Payments Bank. This signals to over 20 million Paytm FASTag users to get new RFID stickers as Paytm FASTags will become inoperative after February 29 due to RBI’s directive barring Paytm Payments Bank from offering services …
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In a report on Tuesday, Macquarie Capital Securities expects a sharp reduction in Paytm revenues across various segments, anticipating an exodus of customers. It had pegged the overall customers at 330 million. They include 110 million of monthly transacting users and a merchant subscription network of about 10 million.
Shares of One 97 Communications fell 5% after ED questioned Paytm Payments Bank officials over alleged FEMA violations. Paytm has lost 57% in value since RBI banned the payments bank. Macquarie sees stock slumping to Rs 275, says Suresh Ganapathy.
Freo said it would utilise the funds for growth into newer categories and segments as well as to expand into new pan-India geographies. It would also launch newer product segments such as ‘credit on UPI’.
Paytm Payments Bank executives provided information and documents sought by the agency. ED has asked them to furnish more details by next week, sources said. The executives were summoned as “part of the procedure” that needs to be followed once a Fema investigation is launched.
The central bank had slapped a penalty of Rs 1 crore on Airtel Payments Bank in 2018 over flouting KYC norms and a Rs 1 crore fine on Jio Payments Bank for non-compliance with RBI directions on timely submission of application for re-appointment of MD and CEO.
