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What lies ahead for Paytm? Amid the wide ranging speculations and the similar curiosity, people want to understand the depth of how a FinTech giant like Paytm got into the turmoil. In the latest episode of FinTech Diary, experts from the realms of FinTech and BFSI gather to break it down.
Former PhonePe CEO Amit Narang’s fintech startup Paymart on Friday said that it has partnered with five Indian banks to offer its innovative virtual, cardless, and hardware-less cash withdrawal service. The startup plans to launch pilot programmes with its partner banks in February/March, with a phased nationwide rollout slated for April/May 2024.
On January 31, RBI said that a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in Paytm Payments Bank Ltd. Based on that, the central bank imposed various restriction on the bank. Das reiterated that the action on Paytm company should only …
Action against Paytm bank was in customers’ interest: RBI Read More »
The Reserve Bank of India (RBI) has stated that Paytm app will not be impacted by the recent order issued against Paytm Payments Bank Limited (PPBL). The Deputy Governor emphasised that the recent actions are directed explicitly towards Paytm Payments Bank and do not impact the functionality or operations of the Paytm app.
Competitors and other startups are eyeing talent within Paytm amid its current challenges. However, the company’s reputation for offering salaries well above industry norms means that many potential candidates are being priced out of the talent market. Industry insiders and executives from recruitment services and search firms have noted that Paytm’s generous compensation packages are …
What’s stopping rivals from lining up to pick up Paytm’s talent pool? Read More »
The central bank will come out with a FAQ to address queries from various quarters, says RBI governor Shaktikanta Das.
The CBDC Retail (CBDC-R) pilot currently allows for Person to Person (P2P) and Person to Merchant (P2M) transactions using Digital Rupee wallets provided by selected banks. Now, the RBI plans to expand its use cases by introducing programmability, which will allow government agencies to ensure payments are made for specific benefits, while letting companies allocate …
“It is action taken by the regulator. They regulate the banks. The government has had nothing to do until now when it comes to the actions taken against Paytm. And we believe that RBI must have taken the action in the overall interest of the consumer and the economy,” Joshi told PTI in an interview.
Banks acquiring Paytm merchants will have to do fresh KYC with all the merchants and will be rigorous in the process due to RBI concerns over real or fake accounts.
The Paytm Payments Bank episode has brought compliance to the forefront, emphasizing the necessity for companies to take regulatory matters seriously.
