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News on Medial
RBI: No Fintech Industry Concerns Arise from Paytm Actions
StartupTalky
·
1y ago
Medial
The Reserve Bank of India (RBI) has clarified that the recent restrictions imposed on Paytm Payments Banks are a result of supervisory actions and do not pose a threat to the overall financial system. RBI Governor Shaktikanta Das emphasized the importance of compliance and stated that the restrictions are proportional to the seriousness of the situation. Paytm is actively seeking bank partnerships to transfer accounts from Paytm Payments Bank, but banks are hesitant due to regulatory concerns. Customers are encouraged to explore alternative wallet services.
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Related News
RBI Vs Paytm Payments Bank: Shockwaves In The India’s Fintech Ecosystem
Inc42
·
1y ago
Medial
Fintech stakeholders are calling for a more balanced approach and increased transparency from regulatory authorities to prevent erosion of value and investment. The recent ban on Paytm Payments Bank by the Reserve Bank of India (RBI) has highlighted regulatory challenges and concerns over stifling innovation. Startups have been impacted by various RBI policies, resulting in closures and lost investments. There is a lack of transparency in RBI actions, leaving fintech companies uncertain about compliance requirements. Investors are reevaluating their investment strategies in the fintech sector due to regulatory uncertainty.
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FM Nirmala Sitharaman Meets Fintech Startups, Underlines Need For Compliance
Inc42
·
1y ago
Medial
Finance Minister Nirmala Sitharaman held a meeting with fintech startups to discuss compliance with regulations and consumer protection. The meeting included representatives from the Reserve Bank of India, various government departments, and fintech founders. Sitharaman suggested that the RBI should have monthly meetings with fintech startups to address any issues. Concerns relating to KYC compliance, cybersecurity, and foreign direct investment were discussed. The meeting was seen as an attempt to alleviate concerns within the fintech ecosystem following regulatory actions against Paytm Payments Bank. Fintech continues to be a significant sector in the Indian startup ecosystem.
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RBI’s New PA Draft Guidelines Spark Concerns In Digital Payments Industry
Inc42
·
1y ago
Medial
Industry stakeholders have expressed concerns over the recent guidelines issued by the RBI regarding full KYC compliance and the prohibition on direct fund disbursal to vendors. During a meeting with RBI officials, stakeholders highlighted potential issues that could arise from these guidelines.
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RBI not against any fintech; they are free to grow: Governor Shaktikanta Das
Economic Times
·
1y ago
Medial
In a recent interview, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified that the RBI is not against fintech companies and actually wants them to grow. He emphasized that recent actions taken by the bank were targeted at regulated entities, not fintechs. This statement comes in the wake of penalties imposed on Paytm Payments Bank for non-compliance and supervisory concerns. The RBI is taking measures to prevent financial mishaps while ensuring sustainable growth in India's financial sector. Some customers of Paytm Payments Bank have already started shifting to other banks.
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FM suggests RBI to hold monthly meetings with fintechs, startups via VC: Source
Money Control
·
1y ago
Medial
Union Finance Minister Nirmala Sitharaman has suggested that the Reserve Bank of India (RBI) hold monthly meetings with fintech companies and startups via videoconference. During a meeting with representatives from the fintech industry, they discussed various concerns and issues facing the sector, including cyber security and compliance with Know Your Customer (KYC) regulations. The meeting addressed the growth and security of the fintech industry and also touched on the dual listing of foreign equities. Sources indicate that there were no concerns raised about Paytm by startup founders and fintech entities during the meeting.
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FM Nirmala Sitharaman asks RBI, fintechs to hold monthly meetings in wake of Paytm crisis
Economic Times
·
1y ago
Medial
Finance Minister Nirmala Sitharaman has called for monthly meetings between regulators and startups and fintech firms to address their concerns and ensure regulatory compliance. This comes in the wake of actions taken by the Reserve Bank of India against Paytm Payments Bank. The finance ministry outlined action points including simplifying KYC processes, addressing cybercrime concerns, and reviewing ownership changes in fintech companies. Sitharaman also reassured the industry that the government prioritizes the health of the startup and fintech ecosystem. Vijay Shekhar Sharma, chairman and board member of Paytm Payments Bank, resigned on the same day.
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85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv
Economic Times
·
1y ago
Medial
RBI Governor Shaktikanta Das has stated that around 80-85% of Paytm wallet users will not face any disruption due to recent regulatory actions. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Ltd (PPBL) from certain activities and set a deadline of March 15 for users to link their wallets to other banks. The governor emphasized that the RBI supports innovation in the fintech sector and clarified that the regulatory action was directed at PPBL, not fintech companies in general. The National Payments Corporation of India (NPCI) is expected to make a decision on the Paytm payment app license soon. Das also expressed optimism about India's economic growth surpassing the projected figures.
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Indian finance ministry asks RBI to conduct monthly meetings with fintechs on regulatory issues
IndianStartupNews
·
1y ago
Medial
Finance Minister Nirmala Sitharaman has urged the Reserve Bank of India (RBI) to hold monthly meetings with fintech companies in order to address regulatory concerns and foster a collaborative environment. This move comes after recent regulatory actions taken against Paytm Payments Bank, highlighting the need for better communication and understanding between regulators and fintech firms. In a meeting with fintech stakeholders, Sitharaman stressed the importance of regulatory compliance while supporting innovation. The government also outlined action points to support the fintech sector, including simplifying KYC processes and addressing cybercrime issues.
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Will Board reshuffle help Paytm Bank to stay in the game?
Money Control
·
1y ago
Medial
The recent action taken by the Reserve Bank of India (RBI) against Paytm Payments Bank (PPBL) has posed a significant challenge in fintech regulation for the central bank. PPBL's regulatory concerns and alleged licensing breaches have led to the RBI imposing restrictions and escalating regulatory actions. PPBL's attempts at crisis management, including a board reshuffle, may have come too late to address compliance failures. Any potential acquirer may hesitate due to the extensive Know Your Customer (KYC) discrepancies. This situation highlights the complexities of regulating the fintech space and emphasizes the importance of robust compliance frameworks.
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Everything About Paytm's Crisis
Inc42
·
1y ago
Medial
The Indian fintech company Paytm has seen a significant drop in its shares following actions taken by the Reserve Bank of India (RBI). The RBI has barred Paytm Payments Bank from accepting deposits, credit transactions, or top-ups in customer accounts. It has also stopped the bank from providing other banking services, such as UPI facility and fund transfers, after February 29, 2024. Paytm has experienced a decline in its shares, reaching an all-time low on the stock exchange. The company's competitors, including HDFC Bank, PhonePe, and Google Pay, have made efforts to convince Paytm merchants to switch to their platforms. The Enforcement Directorate has been investigating lapses at Paytm, and there have been reports of forex violations against Paytm Payments Bank. Paytm shares have faced consecutive declines, prompting the company to meet with the RBI officials and seek resolutions.
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