Category Added in a WPeMatico Campaign
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.
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.
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 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.
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 »
Paytm CEO Vijay Shekhar Sharma in a conference today said that RBI’s action on Paytm Payments Bank is more of a speed bump and that Paytm is already in talks with other banks to transfer its payments bank business.
Investors question if Paytm Payments Bank can thrive without regulator’s trust. The Reserve Bank of India’s ban on deposit or credit transactions has frozen the bank. Paytm can switch fintech customers to another institution but the ban signals regulatory concerns. The RBI’s ban follows persistent non-compliances and material supervisory concerns. It also mandates termination of …
Paytm’s Plight: India’s fintech pioneer has lost more than its bank Read More »
