The Confederation of All India Traders (CAIT), has asked small traders and businesses to switch from the Paytm app in order to mitigate financial losses posed after the uncertainty of its continuous operations due to the RBI imposed restrictions on Paytm Payments Bank. The advisory comes after a day when Paytm founder Vijay Shekhar Sharma …
Trader’s body CAIT asks business to shift from Paytm after RBI’s ban Read More »
Paytm founder Vijay Shekhar Sharma came to public via press conference and social media posts multiple times amid these developments, but as he clarifies one update, another negative development follows the suit.
In a separate development, the Chairman of the State Bank of India, Dinesh Khara in an exclusive interaction with ETBFSI, on the Paytm crisis said SBI is reaching out to Paytm customers through its subsidiary SBI payments.
Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.
Merchants, who conduct daily transactions on Paytm Payments Bank, are particularly concerned about the impact of the RBI’s directive on their businesses.
“The Crypto market is experiencing a rebound after a dip, due to the unchanged interest rates by the Fed. Bitcoin experienced a low of $42,000 and regained the $43,000 region. A Breakout above $44,000 level can potentially turn the overall crypto market sentiment bullish,” said Shivam Thakral, CEO of BuyUcoin.
The company, which helps make digital coin Ethereum more accessible, let go 100 employees in February last year, following an industry-wide rout that wiped away trillions of dollars.
The founder of Paytm, Vijay Shekhar Sharma, in an X post said that the services related to Paytm Payments Bank will continue even after February 29 – the deadline given by the RBI in an order to cease its operations.
While Eiffel Tower is the first merchant to offer UPI payments in France, this service will soon be extended to other merchants in the tourism and retail space. The official announcement was made in Paris at an event organized by the Indian Embassy in France to celebrate the Republic Day of India.
The leadership of fintech firm Patym on Thursday acknowledged that it may have fallen short on compliance issues, triggering punitive action by the central bank. Neither the central bank nor Paytm founder Vijay Shekhar Sharma disclosed the exact reason for which the bank faced such stringent penal action. This and more in today’s ETtech Morning …
Decoding Paytm’s compliance lapses; Temasek exits Policybazaar Read More »
