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News on Medial
More trouble for Paytm: Now, NHAI arm bars Paytm payments bank from issuing fresh FASTags
Inc42
·
1y ago
Medial
Paytm Payments Bank has been barred by Indian Highways Management Company Ltd (IHMCL) from issuing new FASTags after an audit found non-compliance with the prescribed parameters. IHMCL, which handles toll-related matters, is seeking a response from Paytm Payments Bank regarding potential penalties for the non-compliance. Existing FASTag customers will not be affected. This comes after Paytm Payments Bank faced a penalty from the RBI for non-compliance with KYC norms. Despite these issues, Paytm has managed to lower its net loss and increase its operating revenue.
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NHAI advises Paytm FASTag users to switch to other FASTags by March 15 or face penalties
Economic Times
·
1y ago
Medial
The National Highways Authority of India has advised Paytm FASTag users to procure a new FASTag from a different issuing bank before March 15, 2024. This is to ensure a seamless travel experience and avoid penalties or double fee charges at toll plazas. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank transactions, which will take effect on Friday. Users can still use their existing balance to pay tolls beyond the stipulated date. A list of 32 authorized banks, excluding Paytm Payments Bank, has been provided for users to purchase new FASTags for hassle-free travel.
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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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NHAI Asks Paytm Users To Switch To Another Bank FASTag By March 15
Inc42
·
1y ago
Medial
The National Highways Authority of India (NHAI) has advised Paytm FASTag users to switch to another bank before March 15, 2024, in order to avoid penalties or double fee charges while using national highways. This comes after the Reserve Bank of India issued guidelines regarding restrictions on Paytm Payments Bank. Paytm FASTag users will not be able to recharge or top-up their balance after the specified date. NHAI has provided an updated list of authorised banks that can issue FASTags. Paytm Payments Bank had previously been omitted from the list.
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Paytm Crisis: Now, No Room For The Fintech Major In New FASTags List
Inc42
·
1y ago
Medial
Paytm Payments Bank has been excluded from the list of authorized banks for purchasing FASTags, raising concerns for Paytm FASTag users at tolling booths. The move is intended to prevent any issues for the millions of Paytm FASTag users after the Reserve Bank of India prohibited the payments bank from accepting deposits after February 29. As a result, Paytm FASTag users may need to cancel their existing tags and purchase new ones from the authorized banks listed by IHMCL, the electronic tolling arm of NHAI.
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NHAI To Shift Its Toll Stations
Inc42
·
1y ago
Medial
The NHAI (National Highways Authority of India) has decided to shift the toll collection responsibility from Paytm Payments Bank to nine other banks including Axis Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. This decision comes after the Reserve Bank of India barred Paytm Payments Bank from accepting deposits or providing basic payment services. The toll plazas managed by Paytm Payments Bank represent approximately 14% of the country's daily national highway toll collection. The NHAI aims to ensure uninterrupted toll collection by migrating to other banks after March 15.
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Paytm not in list of 32 banks authorised to issue new FASTags
Economic Times
·
1y ago
Medial
The Indian road tolling authority has excluded Paytm Payments Bank from the list of 32 authorized banks to issue new FASTags. This move comes after the Reserve Bank of India barred Paytm Payments Bank from offering services starting in February. With over 20 million Paytm FASTag users, the government is concerned about the inconvenience they may face. Paytm FASTags will become inoperative from February 29, and users are advised to purchase new RFID stickers from the authorized banks listed by the Indian Highways Management Company.
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Paytm shares hit fresh record low, down 24% this week alone
Economic Times
·
1y ago
Medial
Shares of Paytm, the fintech company, fell to a new record low of Rs 318.05 on NSE, losing about 24% of its market value in a week. The RBI ban on Paytm Payments Bank has impacted the company's business, and the road tolling authority has advised users to buy FASTags from authorized banks excluding Paytm Payments Bank. The Enforcement Directorate has initiated an inquiry against Paytm Payments Bank. RBI Governor Shaktikanta Das stated that there will be no review of the decision on Paytm Payments Bank. Experts suggest retail investors stay away from the stock until regulatory hurdles are resolved. Macquarie predicts the stock could slump to Rs 275.
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NHAI urges Paytm FASTag users to switch to other bank FASTag
IndianStartupNews
·
1y ago
Medial
The National Highways Authority of India (NHAI) has advised Paytm FASTag users to switch to another bank's FASTag before March 15 to avoid travel disruptions and penalties. The move comes after the Reserve Bank of India imposed restrictions on Paytm Payments Bank, affecting the ability to recharge accounts after the deadline. The NHAI has updated its list of authorized FASTag providers to offer users a range of options. Users can utilize their existing Paytm FASTag balance for toll payments beyond March 15 but may face difficulties in recharging their accounts. Resources are provided to help users transition smoothly.
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ED, Authorities Have Been Sending Notice, Request To Paytm For Info On Customers: OCL
OutlookIndia
·
1y ago
Medial
Paytm and its banking arm Paytm Payments Bank have been receiving notices and requests for information from authorities, including the Enforcement Directorate (ED), regarding their customers. Paytm clarified that its associate, Paytm Payments Bank Limited, does not facilitate outward foreign remittances. The statement comes amidst a decline in Paytm shares after reports of a preliminary inquiry by the ED into alleged violations of the Foreign Exchange Management Act (FEMA) by Paytm Payments Bank. Earlier, the RBI had instructed Paytm Payments Bank to halt accepting deposits or top-ups in customer accounts.
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ED, authorities have been sending notice, request to Paytm for info on customers: OCL
Economic Times
·
1y ago
Medial
Paytm and Paytm Payments Bank have been receiving notices and requests for customer information from authorities, including the Enforcement Directorate (ED). Paytm stated that its banking arm does not undertake outward foreign remittances. This comes after recent media reports claimed that the ED has launched a preliminary inquiry into Paytm Payments Bank for alleged FEMA violations. Paytm shares have plummeted by 18% since Tuesday as a result. The RBI has also been asked to share its report on barring Paytm Payments Bank from accepting deposits or top-ups in customer accounts.
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