Vijay Shekhar Sharma has stepped down from the Board of Paytm Payments Bank Ltd (PPBL), as announced by One97 Communications (OCL) on February 26. This decision aims to facilitate the restructuring of the board. OCL, which owns the Paytm brand, conveyed that PPBL will initiate the process of appointing a new chairman. A press release […]
Daily installations of the Paytm application have experienced a downturn since February 1, the day following the Reserve Bank of India’s imposition of restrictions on Paytm Payments Bank (PPBL). Meanwhile, downloads of the BHIM UPI app surged by 49 percent during this period, whereas daily downloads of the Google Pay app witnessed a decline of […]
Paytm shares experienced a 5 percent decline on February 15, following the bourses’ decision to revise the circuit limit on the counter from 10 percent to 5 percent. This adjustment occurred a day after Paytm shares were locked at their lower circuit limit of 10 percent. The revised circuit limit, effective from February 15, 2024, […]
The Enforcement Directorate (ED) has reportedly launched an inquiry into Paytm Payments Bank, as per sources cited by CNBC-TV18. However, ET Online has not independently verified this information. The investigative agency initially sought additional details from the Reserve Bank of India (RBI), which had directed Paytm Payments Bank to scale down a significant portion of […]
Banks interested in acquiring Paytm Payments Bank’s business would incur costs ranging from Rs 60-66 crore for conducting re-KYC processes for the bank’s merchant customers, according to bankers and industry experts. KYC, or Know Your Customer, is a procedure where financial institutions collect data and documents to verify a client’s identity, while re-KYC involves updating […]
Global brokerage firm Macquarie has revised its rating on Paytm from ‘neutral’ to ‘underperform,’ while significantly reducing its target price from Rs 650 to Rs 275. This adjustment is driven by substantial declines in revenues across various segments, compounded by recent regulatory changes. According to Macquarie’s analysis, Paytm now faces a significant risk of customer […]
Indian Kirana Store Owners Rapidly Switch to Alternative Payment Apps Amid RBI Restrictions on Paytm Payments Bank Following recent restrictions imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank, Indian kirana store owners are swiftly embracing alternative payment apps for their business transactions, a survey by Kirana Club reveals. While 69 percent […]
The Reserve Bank of India (RBI) is set to convene meetings with key stakeholders including the National Highways Authority of India (NHAI) and the National Payments Corporation of India (NPCI) next week, as reported by The Economic Times (ET) on Friday. These discussions are aimed at addressing the transition of customers and merchants from Paytm […]
A coalition of startup founders has penned a letter to the Prime Minister, Finance Minister, and the Reserve Bank of India (RBI), urging a reassessment of the regulatory directive instructing Paytm Payments Bank (PPBL) to discontinue major banking services after February 29. Endorsed by a dozen entrepreneurs, including notable names such as Yashish Dahiya of […]
Paytm’s stock has faced a third consecutive day of decline, driven by concerns that the Reserve Bank of India is contemplating revoking the license of Paytm Payments Bank Ltd. The central bank has identified several lapses, including multiple transactions breaching regulatory limits, raising money-laundering concerns. This development adds to the mounting troubles at the once-celebrated […]
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