Kiara Advani
Reserve Bank to Release FAQs Addressing Paytm Payments Bank Measures
RBI Governor Shaktikanta Das emphasized the importance of addressing customer issues promptly, stating, “Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer interest and depositors interest is uppermost for us.”
Govt Analyzing Chinese FDI Influx into Paytm Payments Services: Report
PPSL initially applied for a license from the Reserve Bank of India (RBI) in November 2020 to operate as a payment aggregator, aligning with RBI's guidelines on Regulation of Payment Aggregators and Payment Gateways. However, in November 2022, RBI rejected PPSL's application, citing non-compliance with Press Note 3 under FDI regulations, prompting PPSL to resubmit its application.
Financial Services Secretary Joshi: RBI Responsible for Addressing Paytm Issue
Joshi clarified that the recent actions taken by the RBI against PPBL, including restrictions on offering certain services and onboarding new customers, are regulatory measures aimed at safeguarding consumer interests and the overall economy. He emphasized that the government trusts the RBI's judgment in this regard.
Paytm Denies Reports of Talks with Jio Financial Services Regarding Wallet Business Sale
Similarly, Paytm also addressed the matter, stating, "We have not been involved in any negotiations concerning this matter. Paytm Payments Bank Limited (PPBL), our associated company, has also confirmed that they have not been engaged in any such negotiations."
One97 Communications Refutes Reports of Foreign Exchange Rules Violation Probe
In a regulatory filing, the company stated, "We will continue to issue such clarifications as necessary."
Paytm Refutes Reports on Wallet Business Sale, Cites 'Market Speculation'
Contrary to speculations naming HDFC Bank and Jio Financial Services as potential buyers, a Paytm Payments Bank spokesperson, in a statement to IANS, asserted that the company does not comment on market speculations. The spokesperson emphasized their commitment to regulatory compliance and ensuring a seamless customer experience with the products offered by Paytm Payments Bank Ltd (PPBL).
Paytm Clarifies: No ED Investigation Against Company or CEO, Affirms Transparency
In a regulatory filing, Paytm stated, "Neither the Company nor its founder and CEO are being investigated by the Enforcement Directorate regarding inter alia money laundering." The company emphasized its cooperation with authorities in the past when specific merchants or users on their platforms were subject to inquiries. Paytm reaffirmed its commitment to abiding by Indian laws and treating regulatory orders with utmost seriousness.
RBI Prohibits Paytm Payments Bank from Accepting Deposits Beyond February 29
The RBI, in a statement on Wednesday, stated that withdrawal or utilization of balances by PPBL customers from various accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., will be permitted without restrictions up to their available balance. However, the bank will not be allowed to provide other banking services such as fund transfers (regardless of the name and nature of services like AEPS, IMPS, etc.), BBPOU, and UPI facility after February 29, 2024.
Antfin (Netherlands) cuts 10.3% shareholding in Paytm by transferring shares to Paytm Founder & CEO
As per an exchange filing, Vijay Shekhar Sharma, Founder and CEO of One 97 Communications Limited (Paytm), and Antfin (Netherlands) Holding BV (Antfin) announced execution of an agreement for 10.3 per cent stake in the company. Resilient, an overseas entity 100 per cent owned by Sharma, will acquire 10.30 per cent stake in Paytm from Antfin through an off-market transfer.
Paytm scores profit for three straight quarters; posts revenue of Rs 2,342 cr, growth of 39% YoY in Q1FY24
Paytm’s EBITDA before ESOP saw a significant improvement of Rs 359 crore YoY to Rs 84 crore, compared to Rs 52 crore in Q4FY23 (excluding the UPI incentive). In Q1FY24, Paytm further grew its contributing profit, up by 80 per cent YoY to Rs 1,304 crore. Driven by the rise in contribution margin and consistent improvement in profitability, EBITDA before ESOP margin also improved to 4 per cent.`
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