paytm rbi

Hi, this is Pratik Bhakta in Bengaluru. Over the last few weeks, regulatory circles have been abuzz with the term KYC (Know Your Customer), and fintechs as well as new-generation banks have often been in focus for laxity in adhering to KYC norms.In the February 21 meeting of the Financial Stability and Development Council, finance minister Nirmala Sitharaman spoke about creating a digital common KYC mechanism for the entire financial sector. These discussions, which have been happening for a few years now, are…

Tata Digital could soon be integrating BigBasket, 1mg and Tata Cliq to boost efficiency and market agility. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Healthtech platforms leverage AI■ Interview with Applied Materials MD■ Investors await bitcoin halvingTata Digital explores operational integration Tata Sons chairman N ChandrasekaranIn a move aimed at streamlining operations and cutting costs, Tata Digital is mulling the integration of operational structures of key assets such as Big…

Paytm is close to winning the approval to invest in its key payments gateway arm, a decision that has been pending for two years and which would give the troubled fintech company some respite.The government grew more supportive of the investment after Paytm’s Chinese shareholder Ant Group Co. lowered its stake in the Indian firm, people familiar with the matter said, with one of the people saying the approval could come within days. A federal approval is needed because Ant’s stake in Paytm makes its outlay in the Paytm…

As Paytm navigates the complexities of the RBI’s recent action, its leadership met senior executives over the weekend to reassure employees and address concerns about the future of the embattled fintech firm, said two executives who attended the meetings.The brass held two townhall meetings with senior business leaders at Paytm Payments Bank and One97 Communications, the executives told ET asking not to be named. “Conversations were mostly to rebut multiple theories going around and on the future course of action; the…

One 97 Communications, the parent entity that owns and operates the Paytm brand, has denied media reports that it is being investigated by the Enforcement Directorate (ED). In a stock exchange filing late Sunday, the company, which owns 49% stake in Paytm Payments Bank, said, “(We) Categorically deny any investigation by the Enforcement Directorate on OCL, our associates and/or its Founder & CEO for anti-money laundering activities. Neither the Company nor its founder and CEO are being investigated by the Enforcement…

The Reserve Bank of India dealt Paytm a severe blow, barring the listed fintech’s payment bank from offering banking services after February. This and more in today’s ETtech Morning Dispatch. Also in this letter:■ Testing times for startup employees■ Interview with Rajeev Chandrasekhar■ Apple pips Samsung on India revenuePaytm Payments Bank told to halt services by February-end Vijay Shekhar Sharma, founder and CEO, PaytmIn an unprecedented move, the country’s central bank has barred fintech major Paytm from…

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The Reserve Bank of India on Wednesday ordered Paytm Payments Bank Ltd., a unit of One 97 Communications Ltd., to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns. The regulator said the firm, which processes transactions for India's digital payments giant Paytm, must stop its banking activities after Feb. 29. How are customers affected?Existing customers, however, can withdraw their funds and use up the balance in the prepaid cards or wallets…