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News on Medial
Paytm tentative timeline to restart loan sanctioning ends on February 14
Economic Times
·
1y ago
Medial
According to a tentative timeline shared by Paytm, the fintech firm aims to resolve operational challenges for its lending business and restart sanctioning new loans by February 14. The company is facing difficulties due to RBI restrictions on Paytm Payments Bank Limited (PPBL), which has led to the suspension of issuing new loans temporarily. Paytm needs to migrate repayments linked to PPBL to other banks to ensure smooth functioning. In the December quarter, Paytm distributed loans worth Rs 15,535 crore across various categories.
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Paytm Tentative Timeline To Restart Loan Sanctioning Ends On Feb 14
OutlookIndia
·
1y ago
Medial
Fintech firm Paytm's timeline to resolve operational challenges and restart sanctioning new loans is set to end on February 14. Paytm, affected by RBI restrictions on Paytm Payments Bank Limited (PPBL), plans to resolve the challenges before returning to normal operations. It needs to migrate repayments linked to PPBL to other banks to avoid disruption. In the last quarter of 2023, Paytm distributed loans worth Rs 15,535 crore to merchants, individuals, and through postpaid loans.
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Paytm To Resume Loan Disbursals In First Week Of March
Inc42
·
1y ago
Medial
Paytm, the Indian fintech giant, plans to resume its loan disbursals in the first week of March. The company had temporarily ceased its small-ticket loans of less than INR 50,000 following tightened regulations by the Reserve Bank of India. Paytm is now looking to restart its lender platform provider operations, aiming to increase high-ticket personal and merchant loans in partnership with banks and non-banking financial institutions. Paytm's lending business grew rapidly in the first three quarters of 2023, with loan disbursals reaching INR 15,535 crore, but experienced a decline due to scaling down of small-ticket loans.
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RBI bars Fairfax-backed IIFL Finance from sanctioning, disbursing gold loans
VCCircle
·
1y ago
Medial
India's central bank, the Reserve Bank of India (RBI), has ordered non-bank entity IIFL Finance to halt the sanctioning and disbursing of gold loans due to "material supervisory concerns" found in its gold loan portfolio. The RBI identified issues such as improper assessment of collateral and breaching loan-to-value ratios. The company is able to continue servicing existing gold loan portfolios. IIFL Finance has not yet responded to the RBI's order.
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Paytm Shares Drop Over 4% Ahead Of Payments Bank Deadline
Inc42
·
1y ago
Medial
Amidst regulatory actions by the RBI, Paytm shares have seen a decline, with a 4.5% drop on March 14. The central bank has given a March 15 deadline for Paytm Payments Bank to halt all deposits, credit transactions, and top-ups in customer accounts. The shares, which have already decreased by over 60% since January 31, saw a slight recovery in February but have recently fallen again. Several mutual funds have divested their holdings in Paytm due to the declining stock price. Paytm is currently seeking a third-party application provider license to continue offering UPI services.
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SoftBank Again Offloads Stake In Paytm, Sells 1.37 Cr Shares
Inc42
·
1y ago
Medial
Japanese tech conglomerate SoftBank has sold over 2% stake in fintech giant Paytm through open market transactions. Between January 23 and February 26, SoftBank sold 1.37 crore shares, reducing its stake in Paytm from 5.01% to 2.83%. This is the second stake reduction by SoftBank in Paytm this year, following a 2% stake sale in January. SoftBank has been steadily reducing its stake in Paytm as well as other listed companies in its portfolio. The fair value of SoftBank's India investment portfolio stood at nearly $14 billion as of December 2023.
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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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Byju’s, lenders miss August 3 timeline to rework loan terms
Money Control
·
2y ago
Medial
The timeline for reaching an amendment was formally announced on July 24 by a steering committee of ad hoc term loan lenders who collectively own more than 85 percent of Byju’s $1.2-billion term loan. The committee had said that it and the company agreed to work collaboratively toward a signed and completed term loan amendment (the “Amendment”) prior to August 3, 2023
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Q3 Results Today: M&M, NMDC, Muthoot Finance, ABFRL to post earnings on Feb 14
Livemint
·
1y ago
Medial
On February 14, several top companies including Mahindra & Mahindra, NMDC, Muthoot Finance, Natco Pharma, Indiabulls Housing Finance, and Shriram Properties are scheduled to announce their Q3 results. The benchmark indices showed recovery on February 13, with BSE Sensex gaining 483 points and Nifty 50 increasing by 127 points. Market volatility is expected to persist due to factors like geopolitical concerns, stretched valuations, and FII selling. Over 30 major companies are set to announce their earnings on February 14.
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Q3 Results Today: Ballarpur Ind, Hardwyn India, R Systems and more
Livemint
·
1y ago
Medial
Companies such as Ballarpur Industries Ltd, EPACK Durable Ltd, Hardwyn India Ltd, R Systems International Limited, and Shivom Investment & Consultancy Ltd are scheduled to announce their Q3 results on February 15. This comes as the earnings season nears its end, with over 620 companies having already announced their December quarter earnings on February 14. The Indian stock market witnessed a rebound on February 14, with the BSE Sensex closing higher by 268 points and the Nifty 50 gaining 97 points.
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Aditya Birla Finance, others may have invoked Paytm’s loan guarantees
Economic Times
·
1y ago
Medial
Aditya Birla Finance, Piramal Finance, and Clix Capital have terminated their partnerships with Paytm due to repayment defaults from customers. Aditya Birla Finance is said to have invoked loan guarantees provided by Paytm. This is causing financial strain for Paytm as these guarantees could amount to hundreds of crores of rupees. Paytm's lending business has been affected by the ban on Paytm Payments Bank and a slowdown in unsecured consumer lending. Paytm generated a significant portion of its revenue from its financial services, but with the recent developments, the company's lending partners have halted new disbursals, impacting repayments severely. Paytm may announce new partnerships with firms like Muthoot Fincorp to revive its loan issuance.
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