Paytm Bank: RBI Extends Restrictions Deadlines to March 15
Paytm Bank, one of the leading payment banks in India, is facing a tough time as the Reserve Bank of India (RBI) has imposed severe restrictions on its operations. The RBI has accused Paytm of persistent non-compliances and material supervisory concerns, and has ordered it to stop accepting new customers, deposits, credit transactions, fund transfers […]
RBI, NRB Merge UPI, NPI for Global Money Transfers
The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) have taken a major step towards enhancing financial connectivity between the two neighbouring countries. On February 15, 2024, the central banks of India and Nepal signed and exchanged the Terms of Reference for the integration of their fast payment systems, namely, the Unified Payments […]
Banks, Fintechs Offer Zero Forex Cards to Young Indian Tourists
The problem of forex markup fees Traveling abroad is no longer a luxury for young Indian professionals, who are increasingly exploring new destinations and cultures. However, one of the biggest challenges they face is the high cost of foreign exchange transactions, which can eat into their travel budget. Typically, when you use a credit or […]
RBI Restricts Fintech Over KYC Concerns
The Reserve Bank of India (RBI) has taken strict measures to prevent fintech companies from issuing business credit cards to their customers, citing concerns over compliance with Know Your Customer (KYC) norms and usage limitations of such cards. What are business credit cards and why are they issued by Fintech? Business credit cards are different […]
PayU and NPCI’s UPI Credit Line for Merchants
PayU, a leading payment solutions provider, has partnered with the National Payments Corporation of India (NPCI) to offer ‘Credit Line on UPI’ feature on its platform. This will enable PayU merchants to accept UPI payments from customers through pre-sanctioned credit line by banks. What is Credit Line on UPI? Credit Line on UPI is a […]
Paytm Faces ED Scrutiny Over Fema Breaches
Paytm, India’s leading fintech company, is under investigation by the Enforcement Directorate (ED) for alleged violations of the Foreign Exchange Management Act (FEMA), according to media reports. The ED is probing whether Paytm and its associate Paytm Payments Bank (PPB) have misused foreign funds or facilitated illegal currency transactions. The scrutiny comes at a time […]
Paytm Rs 26,000 Cr Loss: The Aftermath of RBI Ban
Paytm Payments Bank Ltd (PPBL) has suffered a massive loss of Rs 26,000 crore after the Reserve Bank of India (RBI) banned it from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags after February 29, 2024. This action by the RBI, initiated on January 31, 2024, was based on a […]
Paytm: OCL Investment Pending Govt Approval
Paytm, India’s leading fintech company, is facing a regulatory hurdle in its payment aggregator business. The company’s parent entity, One97 Communications Ltd (OCL), has not received the government’s approval for a downstream investment in its subsidiary, Paytm Payment Services Ltd (PPSL), which operates as a payment aggregator under the RBI guidelines. Paytm OCL investment: The […]
Paytm E-commerce rebrands as Pai Platforms
Paytm E-commerce, one of the leading players in the digital commerce space, has rebranded itself as Pai Platforms. The company has also acquired Bitsila, a seller platform on ONDC, to strengthen its omnichannel and hyperlocal commerce capabilities. Pai Platforms: A New Identity for Paytm E-commerce Paytm E-commerce, which was backed by Paytm Founder and CEO […]
Paytm Under Lens: India Probes Chinese FDI Flow
Paytm, India’s leading digital payments platform, is facing scrutiny from the government over its foreign direct investment (FDI) from China. According to sources, the government is examining the FDI from China in Paytm Payments Services Ltd (PPSL), the payment aggregator subsidiary of One97 Communications Ltd (OCL), which owns Paytm . Paytm and Press Note 3 […]