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News on Medial
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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Related News
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 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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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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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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Mobikwik-owned Zaakpay gets RBI's in-principle nod to operate as payment aggregator
Money Control
·
1y ago
Medial
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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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 Payments CEO Nakul Jain resigns
Economic Times
·
6m ago
Medial
Nakul Jain, CEO of Paytm Payments Services Limited, has resigned to pursue an entrepreneurial venture. Paytm is searching for a replacement and will announce it soon. Meanwhile, PPSL focuses on growth and business objectives. The company awaits the Reserve Bank of India's approval for its payment aggregator license after initially being rejected due to FDI non-compliance. Paytm reapplied following government approval for downstream investment. PPSL continues serving existing online merchants with payment services.
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Paytm appoints Deependra Singh Rathore as new CTO, as Dhody transitions to AI Fellow
YourStory
·
10m ago
Medial
- Paytm has appointed Deependra Singh Rathore as its new Chief Technology Officer for Payments, replacing Manmeet Singh Dhody. - Deependra Singh Rathore has been with Paytm and its associate company, Paytm Payments Bank Limited since January 2016. - Rathore is currently the Senior Vice President - Technology and drives AI-led strategic initiatives at Paytm. - During his tenure at Paytm, Rathore has been responsible for building and enhancing payments technology, including online payment gateway, QR payments, and card payments. - The appointment of Rathore comes as part of Paytm's plans to revamp its senior leadership team following recent high-level departures. - Manmeet Singh Dhody, the former CTO for Payments at Paytm, has transitioned to the role of "AI Fellow".
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Paytm issues FAQs: What works after March 15? Here's what users must know
Livemint
·
1y ago
Medial
Indian fintech Paytm has released a list of frequently asked questions (FAQs) for its users following the closure of its Paytm Payments Bank (PPBL) arm. Despite the discontinuation of certain services, including PPBL, the Paytm app will remain fully operational. Users can still make transactions using Paytm QR codes, Soundbox, and card machines. Other services, such as ticket bookings, mobile recharge, utility bill payments, and access to discounts and offers, will also continue without disruption. Additionally, investment and insurance services offered by Paytm Money are unaffected.
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Paytm clarifies license status, says no notice on investment in payments arm
Livemint
·
1y ago
Medial
Fintech giant Paytm has denied reports that the Indian government has deferred approval for its investment in Paytm Payments Services (PPSL). Earlier, Reuters reported that the government had concerns about Chinese shareholding in Paytm's parent company, One 97 Communications. In a statement, Paytm called the report "speculative", and stated that it has consistently provided the requested information to the government. Paytm emphasized its commitment to indigenous entrepreneurship and innovation, and clarified that the investment in PPSL was made to comply with RBI regulations.
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