Persistent non-compliance led to action against Paytm bank, says RBI
The central bank will come out with a FAQ to address queries from various quarters, says RBI governor Shaktikanta Das.
Fintech
RBI adds increased functionality to CBDC
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 for RBI to deal with Paytm issue, says Financial Services Secretary Joshi
“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.
Paytm merchants stare at a KYC problem in shifting bank accounts
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.
Paytm crisis: RBI action may hit IPO plans of fintech firms
The Paytm Payments Bank episode has brought compliance to the forefront, emphasizing the necessity for companies to take regulatory matters seriously.
What FM Nirmala Sitharaman told Paytm CEO during the 10-minute meeting?
Paytm CEO Vijay Shekhar Sharma met Finance Minister Nirmala Sitharaman to discuss Paytm’s concerns on Fastag ban, adding money to Paytm Payments Bank accounts, and retaining @paytm for app users and merchants. Sharma also sought an extension of the February 29 deadline and explained the efforts to meet RBI compliances.
India’s Paytm crackdown spooks retailers; Walmart, Google swoop in
To counter such concerns, the company is sending sales staff directly to customers ranging from roadside snack sellers to big retail outlets to ask them to use Paytm’s partner banks so that they can continue to receive payments, more than 40 shopkeepers and several company sales staff said. Read more:
Kunal Shah’s CRED acquires Kuvera, enters wealth management space
Post acquisition, Kuvera founders, team, and product will continue to operate independently while working closely with CRED leadership to scale its network, ecosystem, brand, and distribution, CRED said in a statement.
UPI payments failing amid server outages; multiple banks affected
Reports of UPI outage have poured in from various places as users struggle with digital payments. Major platforms like Google Pay, PhonePe, and BHIM have been reportedly affected, along with server issues in banks.
Paytm crisis: PPBL transition to other banks to be ‘smooth’, long-term impact minimal, expects Bernstein
Paytm crisis: Bernstein assumes a reasonably smooth transition in Paytm’s partnership from Paytm Payments Bank to other bank(s) including acquisition of required licenses (e.g. TPAP for UPI) and therefore expects a limited long-term impact. Shares of the crisis stricken fintech rebounded on Tuesday after analysts highlighted value in its core business.