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News on Medial
Paytm has a way out of the payments bank mess, but it's a treacherous path
Startup News FYI
·
1y ago
Medial
During an investor call, Paytm's leadership failed to address concerns over the recent action taken by the RBI against Paytm Payments Bank (PPBL). Paytm's CEO, Vijay Shekhar Sharma, stated that the payments bank has not shared details with Paytm about the RBI's opinion based on audits conducted over the past two years. Paytm's stock price has fallen by almost 36% in just two sessions, raising concerns about its path to profitability. Paytm is now focused on assuaging investor fears and has outlined steps it plans to take before the RBI-imposed deadline of February 29. However, Paytm is facing several challenges, including negotiations with other banks, migration of loan repayments, and the potential loss of user retention. The company's future remains uncertain.
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Related News
‘Should have done better … now learnt the lesson,’ says Paytm founder
Economic Times
·
1y ago
Medial
Paytm Founder and CEO, Vijay Shekhar Sharma, admitted that the company could have fulfilled its responsibilities in a better manner, in response to the Reserve Bank of India's order for Paytm Payments Bank to halt its banking services. Sharma compared the situation to a daughter on her way to an important test, but met with an accident and is now in intensive care. Paytm's parent company, One 97 Communications, reported a threefold increase in net loss and a decline in operating revenue due to regulatory action against the payments bank. Paytm Payments Bank's wallets business came to a halt as a result of the central bank's action. The company's stock has also taken a hit since the order.
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SBI happy to welcome merchants looking to shift from Paytm bank: Dinesh Khara
Economic Times
·
1y ago
Medial
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.
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Paytm Payments Bank | Latest & Breaking News on Paytm Payments Bank | Photos, Videos, Breaking Stories and Articles on Paytm Payments Bank
Money Control
·
1y ago
Medial
Paytm Payments Bank has been in the news lately due to various issues surrounding its license and compliance with regulations. According to the Financial Intelligence Unit, the bank failed to implement a mechanism to detect and report suspicious transactions as required under the PMLA. Speculations over the revoking of Paytm Payments Bank's license have caused its stock to fall. Additionally, the controversy has led to a drop in Paytm's UPI market share. The bank has been fined for violating the PMLA. Despite efforts to cut ties with the bank, Paytm still relies on it in multiple ways. The board of Paytm's parent company has approved the termination of agreements with Paytm Payments Bank. Various financial changes, including restrictions on Paytm Payments Bank accounts, may impact users. Paytm's stock has been in decline and Yes Bank has expressed interest in acquiring the merchant accounts of Paytm Payments Bank. Paytm's efforts to resolve the issues with the regulator are seen as a delay tactic. A Paytm employee committed suicide due to fears of job loss. The board of Paytm Payments Bank has been restructured and the bank has faced various restrictions and an extended deadline for compliance. Despite setbacks, merchant loyalty to Paytm remains intact. Paytm's stock has shown some recovery but Goldman Sachs has reduced its target price. The decline in daily downloads of the Paytm app has been noted, while rival BHIM UPI has seen an increase. Overall, Paytm Payments Bank is facing significant challenges and uncertainties.
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Paytm Payments Bank CEO Surinder Chawla resigns
VCCircle
·
1y ago
Medial
Surinder Chawla has resigned from his position as the CEO and Managing Director of Paytm Payments Bank in India, citing personal reasons. His resignation is effective from June 26, and a successor has not yet been announced. This announcement follows Vijay Shekhar Sharma stepping down as non-executive chairman of Paytm Payments Bank. The Reserve Bank of India had previously ordered Paytm Payments Bank to wind down its operations due to compliance issues, but the company was granted a third-party app license to continue facilitating payments after its banking unit ceased operations.
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Paytm May Tap HDFC Bank As Third Merchant Acquiring Partner
Inc42
·
1y ago
Medial
Paytm has secured a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) and is looking to partner with HDFC Bank as a payment service provider (PSP). Axis Bank and Yes Bank have already begun operating on the Paytm platform, and discussions are underway with Canara Bank and Kotak Mahindra Bank. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank, limiting its services, but allowing businesses and UPI users to continue using Paytm's payment features.
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No Foreign Remittance License, So No Question Of Forex Laws Breach: Paytm Payments Bank To ED
Inc42
·
1y ago
Medial
Paytm Payments Bank has informed the Enforcement Directorate (ED) that it does not have the necessary license for outward foreign remittances. The ED has reached out to the Reserve Bank of India (RBI) to verify this statement. The ED is investigating alleged breaches of the Foreign Exchange Management Act (FEMA) involving entities using Paytm Payments Bank. However, after reviewing the data provided by the RBI, the ED has not found any evidence of FEMA violations by Paytm. The RBI has also instructed the National Payments Corporation of India (NPCI) to examine Paytm's request to become a third-party application provider for UPI payments.
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Deependra Singh Rathore is new CTO for payments at One 97 Communications
Economic Times
·
10m ago
Medial
- One 97 Communications, the parent company of Paytm, has appointed Deependra Singh Rathore as its Chief Technology Officer (CTO) for payments. - Rathore previously served as a Senior Vice President in charge of technology at Paytm Payments Bank Ltd since 2016. - Manmeet Singh Dhody, the previous CTO of payments, will now serve as an AI Fellow. - Paytm is known for its innovations in mobile payments and inclusive financial service distribution. - The Reserve Bank of India (RBI) previously instructed Paytm Payments Bank to stop basic banking services from March 15. - Paytm reported an operational revenue of Rs 9,977.8 crore in FY24, but also a net loss of Rs 1,423 crore.
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Paytm Senior VP Praveen Sharma Resigns To Pursue ‘Other Opportunities’
Inc42
·
1y ago
Medial
Praveen Sharma, senior vice president of business at Paytm's parent company One 97 Communications, has resigned after over four years. His resignation comes shortly after Paytm founder Vijay Shekhar Sharma stepped down from the board of Paytm Payments Bank. Paytm is also planning to transfer its point of sale (PoS) terminals to RBL Bank. In January, the RBI issued a directive that prevented Paytm Payments Bank from carrying out certain transactions. Since then, Paytm shares have plummeted and several mutual funds have divested their holdings in the company.
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Axis Bank Saves The Day As Paytm Shifts Nodal Account Post RBI’s Refusal To Extend Deadline
Inc42
·
1y ago
Medial
Fintech major Paytm has shifted the nodal account of Paytm Payments Bank to Axis Bank, ensuring seamless merchant settlements. The move comes after the Reserve Bank of India (RBI) refused to extend the deadline for termination of the nodal accounts of Paytm Payments Bank. RBI extended the deadline for business restrictions to March 15 from February 29. Paytm's shares saw a massive selloff after the directive, but closed 5% higher at INR 341.50 on Friday.
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Loot On Streets As Fintechs & Banks Battle For Paytm’s Merchant Base
Inc42
·
1y ago
Medial
Amid the crisis facing Paytm, banks and fintech companies are aggressively targeting Paytm merchants, trying to convince them to switch to their platforms. Paytm is working hard to retain its 37 million-strong merchant base by assuring them that they can continue using soundboxes for payments even after the February 29 deadline set by the RBI. Paytm's strength lies in its vast QR code network, but the recent restrictions imposed by the RBI threaten its path to profitability. The release of frequently asked questions (FAQs) by the central bank is eagerly awaited to clarify the transition process for end-users.
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