Amid the reports suggesting the ED probe against the Paytm Payments Bank has begun, the parent company One97 Communications Ltd has said in a regulatory filing that the company and it’s subsidiary have over time been receiving notices and requisition for information, documents and explanations from the Authorities, including Enforcement Directorate. Here are the details:
The company has just 14% of the UPI market share, but its strength lies in its extensive 37 million QR code network spread of merchants across the country.
The central bank had slapped a penalty of Rs 1 crore on Airtel Payments Bank in 2018 over flouting KYC norms and a Rs 1 crore fine on Jio Payments Bank for non-compliance with RBI directions on timely submission of application for re-appointment of MD and CEO.
Following the rise in Bitcoin and other altcoins, the global cryptocurrency market cap surged 3.8% to around $1.87 trillion in the last 24 hours. Bitcoin breaks through the $50,000 mark for the first time since 2021. The surge may be attributed to the robust performance of the US stock market, substantial inflows into spot Bitcoin …
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Bitcoin halving is a once-in-four-years event when the number of new coins awarded to its miners when they add a group of transactions, or a block, to the Bitcoin blockchain are cut by half. This helps reduce supply of the cryptocurrency and makes it more valuable. Read on to know more:
If Paytm’s lending partners were to distance themselves from the company, that would be a further major blow to the app. Loan distribution fees contributed close to a fifth of Paytm’s revenues in the latest quarter, analysts have said. While non-bank lenders have not terminated their contracts with Paytm, sources said that they have no …
Amid Paytm crisis, Indian non-bank lenders explore options for loan disbursal Read More »
After the payments bank was put under an embargo back in March 2022, the Paytm leadership did make compliance a focus area, according to multiple people in the know. It wanted to show the sector regulator that Paytm was ready to support all innovation the RBI wanted to introduce in the payments space. While the …
Paytm’s switch to compliance-first mode seen too little, too late Read More »
Furthermore, ransomware-as-a-Service (RaaS) model seems to be thriving. This model allows less technical criminals to rent access to pre-built ransomware tools and infrastructure, further democratising cybercrime and contributing to the surge in attacks. Experts warn that the ransomware threat will continue in 2024. Governments and organizations are urged to prioritize cybersecurity measures, including data backups, …
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As Paytm grapples with a myriad of challenges – from regulatory scrutiny to monetization struggles and uncertainties in diversified services – caution prevails in the investor community.
A storm of global challenges — from the high-interest-rate environment and stubbornly high inflation in many jurisdictions, to conflicts in Ukraine and the Middle East — combined with concerns about valuations and the barren exit environment, saw fintech investors becoming increasingly cautious with their investments. A recent report by KPMG revealed that global fintech funding …
Global fintech funding touched 5-yr low in 2023, AI focus area for VCs: Report Read More »
