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Traders' body advises traders to switch from Paytm to other payment apps in light of RBI action

Economic Times

Economic Times · 1y ago

Traders' body advises traders to switch from Paytm to other payment apps in light of RBI action

Traders' body, the Confederation of All India Traders (CAIT), has advised traders to switch from Paytm to other payment options due to RBI restrictions on Paytm wallet and bank operations. CAIT is concerned about the potential financial disruption faced by small traders, vendors, hawkers, and women who heavily rely on Paytm for their payments. The RBI imposed restrictions due to money laundering concerns and questionable dealings between Paytm and its banking arm. CAIT urges traders to take proactive measures and protect their funds.

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Make Pos Devices Accessible To Persons With Disabilities: RBI To Fintechs

Inc42 · 10m ago

Make Pos Devices Accessible To Persons With Disabilities: RBI To Fintechs

- RBI advises payment system participants to review accessibility for people with disabilities. - Payment service providers (PSPs) instructed to submit details of required system modifications within one month. - PSPs must provide a time-bound plan of action for implementing necessary modifications. - The finance ministry released "Accessibility Standards and Guidelines for Banking Sector" earlier this year. - The objective is to enhance accessibility for people with disabilities in the payment system.

RBI bars Paytm from offering banking services effective February 29

Economic Times

Economic Times · 1y ago

RBI bars Paytm from offering banking services effective February 29

The Reserve Bank of India (RBI) has imposed a major disciplinary action on fintech giant Paytm, prohibiting it from providing any banking services to its customers starting February 29. This includes payment services, deposits, credit transactions, and wallet top-ups. However, customers can still withdraw and utilize funds in their Paytm accounts. The RBI took this action due to significant compliance issues and supervisory concerns found during a system audit and compliance validation process. Paytm had already been instructed to stop onboarding new customers on March 11, 2022.

85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv

Economic Times

Economic Times · 1y ago

85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv

RBI Governor Shaktikanta Das has stated that around 80-85% of Paytm wallet users will not face any disruption due to recent regulatory actions. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Ltd (PPBL) from certain activities and set a deadline of March 15 for users to link their wallets to other banks. The governor emphasized that the RBI supports innovation in the fintech sector and clarified that the regulatory action was directed at PPBL, not fintech companies in general. The National Payments Corporation of India (NPCI) is expected to make a decision on the Paytm payment app license soon. Das also expressed optimism about India's economic growth surpassing the projected figures.

Vijay L. Bhambwani’s Ticker: An undercurrent of cautious optimism

Livemint

Livemint · 1m ago

Vijay L. Bhambwani’s Ticker: An undercurrent of cautious optimism

The article discusses a cautious optimism in the stock market despite recent declines, particularly in the banking sector, with signs that bullish sentiment persists. It advises traders to stay light and expect volatility, reflecting a market jitteriness and anticipation of shifts.

Paytm secures NPCI nod for migrating its users to other banks

Economic Times

Economic Times · 1y ago

Paytm secures NPCI nod for migrating its users to other banks

Digital payments company Paytm has successfully integrated with four banks, including State Bank of India, Yes Bank, HDFC Bank, and Axis Bank, for Unified Payments Interface-based payment services. The integration allows Paytm to migrate its users to these banks for seamless payment transactions. Previously relying heavily on Paytm Payments Bank, Paytm had to switch to other banks after the Reserve Bank of India ordered the payments bank to shut down its basic banking services. Despite the integration, Paytm's UPI payment volumes have slightly declined, with the company currently holding a 9% market share.

RBI move against Paytm likely to disrupt retail payments

Economic Times

Economic Times · 1y ago

RBI move against Paytm likely to disrupt retail payments

The Reserve Bank of India (RBI) terminating the nodal accounts of One 97 Communications Ltd and Paytm Payments Services Ltd could have significant effects on India's digital payments ecosystem. This decision will impact consumer and merchant payments, with Paytm's extensive network of merchants now having to switch to other payment platforms. It is expected that Walmart-owned PhonePe will be the biggest beneficiary of this situation, as they are already preparing for a surge in business. The move is likely to disrupt both consumer and merchant payments in the country.

Everything About Paytm's Crisis

Inc42 · 1y ago

Everything About Paytm's Crisis

The Indian fintech company Paytm has seen a significant drop in its shares following actions taken by the Reserve Bank of India (RBI). The RBI has barred Paytm Payments Bank from accepting deposits, credit transactions, or top-ups in customer accounts. It has also stopped the bank from providing other banking services, such as UPI facility and fund transfers, after February 29, 2024. Paytm has experienced a decline in its shares, reaching an all-time low on the stock exchange. The company's competitors, including HDFC Bank, PhonePe, and Google Pay, have made efforts to convince Paytm merchants to switch to their platforms. The Enforcement Directorate has been investigating lapses at Paytm, and there have been reports of forex violations against Paytm Payments Bank. Paytm shares have faced consecutive declines, prompting the company to meet with the RBI officials and seek resolutions.

Regulatory Curbs On Paytm Bank Puts Its Wallet Business In Slow Lane

Inc42 · 1y ago

Regulatory Curbs On Paytm Bank Puts Its Wallet Business In Slow Lane

Paytm Payments Bank's crisis began when the Reserve Bank of India (RBI) prohibited any deposits, credit transactions, or top-ups in customer accounts. As a result, the bank's mobile wallet business operations have been severely affected, leading to a significant decline in fund transfer transactions. The RBI also mandated the termination of certain banking services, such as UPI functionality and fund transfers, by February 29. Paytm Payments Bank has taken steps to address regulatory concerns, including board restructuring and partnering with other payment service provider banks. Additionally, the company recently acquired a TPAP license to compete with other digital payment platforms.

SBI happy to welcome merchants looking to shift from Paytm bank: Dinesh Khara

Economic Times

Economic Times · 1y ago

SBI happy to welcome merchants looking to shift from Paytm bank: Dinesh Khara

State Bank of India (SBI) is offering support to merchants following regulatory action against Paytm Payments Bank. SBI Chairman Dinesh Khara stated that the bank is reaching out to merchants and is open to a one-time migration of accounts from Paytm. SBI Payments, a company that supports various payment systems, aims to ensure there are no disruptions in the payments ecosystem. The Reserve Bank of India (RBI) recently directed Paytm Payments Bank to halt basic payment services due to violations of rules, including KYC requirements. Paytm is reportedly in talks with HDFC Bank, Axis Bank, and Yes Bank to transfer its payments and settlements load.

Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator

Money Control

Money Control · 1y ago

Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator

Fintech company Mobikwik's payment gateway arm, Zaakpay, has received in-principle approval from RBI to operate as a payment aggregator. This will enable Zaakpay to onboard new merchants. Mobikwik had applied for the license two years ago, and after initially being rejected in 2021, they reapplied in October 2022. Other top payment gateway firms in India, including Razorpay, Paytm, PayU, and Cashfree, are still awaiting final approval from RBI to onboard new merchants.

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