paytm crisis

Paytm and its associate entity Paytm Payments Bank Ltd (PPBL) have ‘mutually agreed’ to discontinue various inter-company agreements to reduce dependencies, the embattled fintech said on Friday.Further, shareholders of PPBL have agreed to simplify the shareholders agreement (SHA) to support the company’s governance independent of its shareholders, One 97 Communications Ltd (OCL), which runs Paytm, informed stock exchanges.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology…

Hi, this is Pratik in Bengaluru along with my colleague Pranav in New Delhi.If the first battle in the quick-commerce and food-delivery wars was fought on who can deliver faster, the next one is playing out on who offers more attractive subscription features.On Thursday, Zepto launched ‘Zepto Pass’, its own membership programme, which will offer special discounts and free deliveries to its members for both its grocery and food-delivery businesses. It has started with an attractive and heavily discounted price of Rs 19 to…

The finance ministry's Financial Intelligence Unit-India (FIU-IND) has imposed a fine of Rs 5.49 crore on Paytm Payments Bank for "violating its obligations" under the Prevention of Money Laundering Act. In a statement on Friday, the finance ministry said that the FIU-IND initiated a review of the Paytm Payments Bank on receipt of specific information from law enforcement agencies about few entities and their network of businesses that engaged in illegal acts, including organising and facilitating online gambling. Elevate…

Paytm Payments Bank had seen a sharp jump in customer complaints in the last financial year, much before it came under stringent regulatory action, according to the disclosures made by the company.In the fiscal year ended March 31, 2023, Paytm Payments Bank reported 66,751 complaints across multiple categories, two-and-a-half times more from the previous year when 26,692 complaints were reported. The numbers were 25,988 in FY21 and 14,369 in FY20.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Finance Minister Nirmala Sitharaman has asked regulators to hold monthly meetings with startups and fintech firms to address their issues and concerns while emphasising strict regulatory compliance.Sitharaman met startup and fintech stakeholders on Monday along with senior government officials.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech,…

The Indian government is bullish on the online gaming sector, with the Prime Minister himself being an absolute believer that the sector is an important contributor to the digital economy which needs encouragement and support, the IT Minister said.Rajeev Chandrasekhar, Union Minister of State for IT said that the government shall progress towards allowing safe and trusted permissible gaming once it settles in its third term after the 2024 general elections.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

An investigation into possible foreign exchange violations at Patym Payments bank by India's financial crime fighting agency has not yet found any breaches, a government source directly aware of the matter said on Monday.Last week, India's Enforcement Directorate announced the investigation into overseas transactions by Paytm Payments Bank, a unit of One 97 Communications, popularly known as Paytm.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in…

The Reserve Bank of India granted a two-week deadline extension to the customers of Paytm Payments Bank (PPBL) but it has not eased any of the basic banking curbs on the payments bank. This and more in today's ETtech Top 5. Also in this letter:■ ETtech Deals Digest■ Nasscom chief on AI regulation■ Wearable devices market grows 34% in 2023 RBI extends deadline for Paytm Payments Bank to stop transactions The RBI on Friday gave a 15-day extension till March 15, 2024, to Paytm Payments Bank Ltd (PPBL) to stop…

One97 Communications, which provides financial services under the Paytm brand, and its banking arm Paytm Payments Bank have been receiving notices and requests for information with respect to customers of the respective entities, an exchange filing stated on Wednesday. Paytm said that its associate Paytm Payments Bank Limited does not undertake outward foreign remittances. "One 97 Communications Limited (OCL), its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices and…

Indian non-bank lenders are looking at options other than Paytm for loan disbursal, worried about the regulatory crisis engulfing the firm that has led to a temporary halt of lending services, sources with direct knowledge of the matter said.Paytm's banking unit on January 31 was hit by a central bank order to wind down its business due to persistent non-compliance with rules and a day later Paytm said it would not be originating loans for "maybe a couple of weeks" to resolve operational challenges.If Paytm's lending…