RBI

Payments firm Paytm on Friday cut some ties with its payments bank unit, which India's banking regulator has ordered to be wound down, in its latest attempt to address compliance concerns that triggered a meltdown in its shares last month.Paytm, formally known as One 97 Communications, and its banking unit mutually agreed to end various inter-company agreements, the company said. It did not specify what agreements were being terminated.Paytm Payments Bank also agreed to simplify the shareholders' agreement to support…

The RBI's recent actions have generated a wave of passionate responses from the Indian fintech community. Through this open letter, I hope to share my personal observations and opinions on some of the challenges related to the fintech landscape in India and the role of the RBI. I have always held the position that RBI is one of the strongest regulators globally and is pro-consumer and anti-risk and not anti-startup. India boasts a very stable banking ecosystem and has seen far fewer bank failures when compared to some of…

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…

One 97 Communications Ltd (OCL), the parent company that owns and operates the Paytm brand, on Monday said its founder Vijay Shekhar Sharma will be stepping down as part-time non-executive chairman and board member at associate entity Paytm Payments Bank Ltd (PPBL) as part of a board restructuring.OCL also said, in a BSE filing on Monday, that it has withdrawn all nominees from the payments bank’s board.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme…

One 97 Communication, the parent company of fintech Paytm, informed the exchanges that founder Vijay Shekhar Sharma has resigned from the board of Paytm Payments Bank (PPBL). Srinivasan Sridhar, former chairman of Central Bank of India, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal have joined the board as independent directors. One 97 Communication, the parent company of fintech Paytm, informed the exchanges that founder…

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,…

Indian digital payments firm Paytm said on Monday Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit, as the embattled company overhauls its board in the wake of a central bank clampdown.Paytm likely to partner with four banks for enabling UPI transactions, sources sayTroubledPaytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the…

The Reserve Bank of India is pushing for the wider adoption of an open-source credit disbursal platform similar to the Unified Payments Interface for digital payments, to make it easier for farmers and owners of small businesses to access credit.While disbursal of consumer loans through a digital interface has become common, farmers and people who run small businesses still need to queue up at their local bank branches and the land records department for days to access agriculture loans and take Kisan credit cards.Elevate…

The Reserve Bank of India has permitted authorised banks and non-banks to issue prepaid payment wallets for usage in public transport systems.In a notification issued today, the central bank amended its norms on issuance of prepaid wallets to allow special wallets to be issued for tickets in public transport systems.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Advanced Data…

The Reserve Bank of India (RBI) said on Friday that Paytm can transfer its Unified Payments Interface-based payments business from Paytm Payments Bank to four to five other banks.The RBI asked Paytm to stop onboarding new users until it completes the migration of the existing accounts to these banks. The RBI had earlier directed Paytm Payments Bank to stop offering banking services after March 15.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional…