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India defers approval of Paytm's investment in its payments arm, sources say
Reuters
·
1y ago
Medial
Paytm's $6 million investment in its Paytm Payment Services arm has been deferred by the Indian government due to concerns about Chinese shareholding in the parent company. Paytm had sought approval for the investment it had already made in its payments gateway arm, as it needed a payment aggregator license. The Ministry of Home Affairs had approved the investment, but the foreign ministry rejected it on political grounds. The government panel responsible for approving the investment cited the entity's Chinese ownership as a concern. If the approval is withheld, Paytm may have to withdraw funds from Paytm Payment Services.
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India defers approval of Paytm's investment in its payments arm
Economic Times
·
1y ago
Medial
The Indian government has postponed approval of Paytm's investment of Rs 50 crore ($6 million) in its Paytm Payment Services arm, citing concerns about Chinese shareholding in the parent company, as per government officials and a document seen by Reuters. This delay follows Paytm's scrutiny by India's banking regulator and financial crime-fighting agency over the closure of its payments bank. Paytm had sought approval for the investment, already made in its payments gateway arm, to obtain a payment aggregator license for accepting online payments. The Ministry of Home Affairs approved the investment, but the foreign ministry rejected it, leading to the deferral.
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Govt defers nod for Paytm's investment in its payments arm
VCCircle
·
1y ago
Medial
The Indian government has postponed its approval of Paytm's $6 million investment in its Paytm Payment Services arm. The deferment is reportedly due to concerns about a Chinese shareholding in the parent company. Paytm is already under investigation by India's banking regulator and financial crime-fighting agency after being ordered to wind down its payments bank. The government panel responsible for approving the investment includes representatives from India's home affairs, finance, and industries ministries, as well as the foreign office, which has cited "political grounds" for its rejection of the investment.
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Paytm close to winning approval for investment in payments gateway arm
Economic Times
·
1y ago
Medial
Paytm is on the verge of getting approval to invest in its payments gateway arm, a decision that has been pending for two years. The Indian government's support grew after Paytm's Chinese shareholder, Ant Group, reduced its stake in the company. The approval, which could come within days, is significant for Paytm as it would bolster its arm that processes online transactions. The Reserve Bank of India has tightened its grip on the company, and the approval would indicate that Paytm is still in the government's good books.
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Paytm’s Trouble Continues As Govt Defers Investment In Paytm Payment Services; Co Denies Report
Inc42
·
1y ago
Medial
The Indian government has reportedly deferred the approval of Paytm's $6 million investment in its subsidiary, Paytm Payment Services, due to concerns surrounding the shareholding of China-based Antfin (Netherlands) Holdings in its parent company, One 97 Communications. While the Ministry of Home Affairs approved the investment, the foreign ministry rejected it on political grounds, leading to the deferral. Paytm has denied receiving any communication suggesting a deferral or penalties. The company, already under scrutiny from the Reserve Bank of India and the Directorate of Enforcement, is said to be appealing the decision.
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Respite For Paytm? Fintech Giant Set To Secure Govt Nod To Invest In Payments Gateway Arm
Startup News FYI
·
1y ago
Medial
Paytm, the troubled fintech major, is reportedly close to securing approval for its investment in its payments gateway arm. The matter has been pending for two years and the approval could provide some relief amid regulatory challenges. The Chinese shareholder of Paytm, Ant Group, reducing its stake is said to have influenced the government's decision. The investment is less than $12 million, and an inter-ministerial panel will make the final call. This development comes as Paytm faces regulatory issues, including restrictions on its payments bank arm imposed by the Reserve Bank of India.
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India to investigate Paytm for possible money laundering, says Revenue Secretary
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) is reportedly considering canceling the license of Paytm Payments Bank Ltd. as early as next month, according to Bloomberg sources. The move is seen as an effort to protect depositors after multiple warnings about questionable dealings between Paytm's payments app and its banking arm. The RBI recently suspended much of the payments bank's business, and canceling its license would be viewed as a more severe measure. Paytm founder and CEO Vijay Shekhar Sharma assured customers that the app will continue working as usual beyond the February 29 deadline.
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Paytm Confirms Exit Of Manju Agarwal From Paytm Payments Bank’s Board
Inc42
·
1y ago
Medial
Fintech giant Paytm has confirmed the resignation of independent director Manju Agarwal from the board of Paytm Payments Bank due to personal commitments. The departure of Agarwal and another independent director, Shinjini Kumar, comes after the Reserve Bank of India imposed fresh restrictions on the trouble payments bank. Paytm is currently under scrutiny as it seeks approval for an investment in its payments gateway arm, Paytm Payments Services, while an inter-ministerial committee examines foreign direct investment from China into the company.
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Paytm Gets Govt Nod For INR 50 Cr Investment In Its Payment Arm; Stock Rallies 10%
Inc42
·
1y ago
Medial
Paytm's stock saw a 10% rise to INR 508.85 per share on the BSE after receiving government approval to invest INR 50 Cr in its payments subsidiary, Paytm Payment Services. This approval allows them to apply for a payment aggregator license from the Reserve Bank of India.
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Paytm crisis: Govt panel examining Chinese FDI flow into PPSL, says report
Livemint
·
1y ago
Medial
Paytm's application to operate as a payment aggregator was rejected by the Reserve Bank of India (RBI) in November 2022. The RBI asked the company to resubmit its application to comply with FDI guidelines under Press Note 3. Paytm's parent company, One97 Communications, has applied to the Indian Government for past downward investment from Chinese firm Ant Group to comply with FDI guidelines. An inter-ministerial committee is examining investments from China in Paytm Payments Services. The government mandates prior approval for foreign investments from countries sharing land borders with India.
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Paytm's China link that made authorities sit up
Livemint
·
1y ago
Medial
The article discusses Paytm's troubles with authorities regarding Chinese investments in its subsidiaries. The Indian government rejected Paytm's proposal for post-facto approval of investments in its subsidiary, Paytm Payments Services Ltd. The external affairs ministry expressed concerns about the investments from a political perspective. The Department of Promotion of Industry and Internal Trade and Department of Financial Services also did not approve the investments. The Reserve Bank of India (RBI) imposed regulatory restrictions on Paytm Payments Bank due to non-compliance. Paytm CEO Vijay Shekhar Sharma has been informed about concerns regarding Chinese investments.
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