Keus Smart Home Secures Rs 100 Cr Funding from OAKS
Keus, a leading smart home automation company in India, has announced that it has raised Rs 100 crore in a Series A funding round led by OAKS, a venture capital firm focused on consumer internet and technology sectors. The Hyderabad-based startup, which was founded in 2018, offers a range of wireless home automation solutions that […]
Why Did RBI Ban Paytm Payments Bank? An Analysis
Paytm Payments Bank, a subsidiary of One 97 Communications Limited, has been barred by the Reserve Bank of India (RBI) from accepting deposits or top-ups to its accounts and services due to “persistent non-compliance and continued material supervisory concerns in the bank”. The ban will be effective from February 29, 2024 and will also prevent […]
CAIT’s Advice: Switch from Paytm Amid RBI Action
The Confederation of All India Traders (CAIT) has issued a cautionary advisory to traders and users of Paytm to switch to other payment options for business-related transactions following the RBI curbs on Paytm wallet and bank operations. The RBI has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business activities due to […]
Uniform Taxi Fare: Karnataka’s Directive to Uber, Ola
The Karnataka Transport Department has issued a new order to regulate the fares of city taxis and app-based aggregators like Uber and Ola. The order aims to address the grievances of commuters who have been complaining about excessive charges by some operators. The order also specifies the charges for waiting time, baggage, night time and […]
SBI Chairman Khara Invites Paytm Customers to Bank
SBI chairman Dinesh Khara has said that the bank is ready to provide all support to merchants who want to shift from Paytm Payments Bank, which is facing regulatory action from RBI. Khara said that SBI Payments, a subsidiary of the bank, can offer various payment solutions such as QR scan code, POS machines and […]
Morgan Stanley Acquires Paytm Shares Valued at Rs 244 Cr
Morgan Stanley, a leading financial services firm, has bought 0.8% stake in One97 Communications, the parent company of Paytm, for Rs 244 crore through an open market transaction on Friday. The deal comes amid regulatory challenges faced by Paytm Payments Bank, which was barred by the RBI from offering some banking services for non-compliance. According […]
No Voting Rights on CEO Change: Byju’s to Investors
Byju’s, India’s leading edtech firm, has refuted the claims of some investors who seek to remove founder and CEO Byju Raveendran from his position. The company said that its shareholder agreement does not give them the right to vote on CEO or management change. Investors demand EGM to oust Raveendran A group of investors, including […]
RBI Imposes Ban on Paytm Bank Over Money Laundering, KYC Issues
The Reserve Bank of India (RBI) has taken a strict action against Paytm Payments Bank Ltd (PPBL), an associate company of One 97 Communications that runs Paytm, for violating several regulatory norms and guidelines. RBI has barred PPBL from accepting new customers, deposits, credit transactions, or top-ups in any of its platforms, including wallets, FASTags, […]
ED to Investigate Paytm Bank on Money Laundering
The Reserve Bank of India (RBI) has ordered Paytm Payments Bank, a subsidiary of One 97 Communications, to stop accepting fresh deposits in its accounts or wallets from March 2024. The move comes amid concerns over persistent non-compliance with regulatory norms by the fintech giant. According to Reuters, the Enforcement Directorate (ED) will probe Paytm […]
Paytm Payments Bank, Not App, Affected by RBI Directive
The Reserve Bank of India (RBI) has issued a directive to Paytm Payments Bank Ltd (PPBL) to stop all deposits and credit transactions after February 29, 2024, due to persistent non-compliances and supervisory concerns. However, this does not affect the Paytm app, which is a separate entity and will continue to function normally. What is […]