Fintech News

Paytm top leadership addressed employee concerns about the future course of action during townhall meetings held at Paytm Payments Bank, One 97 Communications. While the detailed reasons for the RBI’s decision were not disclosed, the One97 Communications team has been primarily tasked with creating backend systems, which can be used to transfer the payment settlement …

Paytm crisis: Focus on moving business to other banks, leadership tells staff Read More »

Congress spokesperson Supriya Shrinate asked whether the ED was “satisfied” with cases against political leaders, alleging that 95 per cent of its cases were against politicians. She also asked if the data of users of Paytm payments bank was safe and was not being shared with the BJP. Read more:

Paytm denied any investigation by the Enforcement Directorate (ED) against the company and its Founder, CEO for money laundering, soon after Revenue Secretary Sanjay Malhotra on Saturday said that the ED will probe Paytm Payments Bank if any fresh charges of fund siphoning are found.

Paytm top leadership addressed employee concerns about the future course of action during townhall meetings held at Paytm Payments Bank, One 97 Communications. While the detailed reasons for the RBI’s decision were not disclosed, the One97 Communications team has been primarily tasked with creating backend systems, which can be used to transfer the payment settlement …

Paytm to staff: focus on moving business to other banks Read More »

RBI has found thousands of Paytm Payments Bank accounts without proper identification, and has suspected money laundering. RBI has informed Enforcement Directorate, as well as ministry of home affairs and prime minister’s office. Paytm Payments Bank have denied allegations and asserted that some merchants using their platforms have been investigated.

Paytm Payments Bank faces uncertainty as customers and competitors adjust plans. Regulator intervention may be necessary to resolve issues related to banks taking over accounts. Parent company One 97 Communications and its loan sourcing business with non-banking financial companies will also be affected. Shriram Finance and other partners are reconsidering their relationships with Paytm.

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 »

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.

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.

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.