Compliance holds key to maintaining integrity of any company. The recent Paytm Payments Bank’s debacle is a perfect example of how a company failed to adhere to the guidelines of the Reserve Bank of India (RBI), particularly, the KYC procedures. Despite repeated warnings, the bank failed to take necessary steps. While the RBI has not …
Paytm stops services, moves to new bank under RBI guidelines. NPCI permits OCL for UPI. OCL partners with Axis, HDFC, SBI, YES Ban… Read More Paytm stops services, moves to new bank under RBI guidelines. NPCI permits OCL for UPI. OCL partners with Axis, HDFC, SBI, YES Bank. YES Bank backs UPI merchants. Users update …
Paytm’s regulatory troubles appear to have pushed Indian consumers to Walmart and Google-owned payments operations. Data released Wednesday (March 5) by the National Payments Council of India (NPCI) showed that the value of Paytm payments made using the country’s Unified Payments Interface (UPI) system fell 14% between January and February. Meanwhile, PhonePe, owned by Walmart and Google’s GPay, saw a respective 7% and 6% …
The Reserve Bank of India has given approval to the National Payment Corporation of India (NPCI) Bharat BillPay Ltd to implement an interoperable payment system for internet banking transactions, governor Shaktikanta Das said on Monday. “We expect the launch of this interoperable payment system for internet banking during the current calendar year. The new system …
Indian digital payments provider Paytm has announced that it will be cutting back on its business ties with its banking affiliate, Paytm Payments Bank. The company said in a Friday (March 1) filing with the National Stock Exchange of India that its board of directors has “approved the discontinuation of various inter-company agreements with its …
Embattled Indian FinTech Paytm is reportedly turning to a group of banks for help. The company is likely to work with Aix Bank, HDFC, Yes Bank and the State Bank of India to process transactions though India’s popular unified payments interface (UPI), Reuters reported Monday (Feb. 26), citing two sources familiar with the matter. The news comes as …
The Reserve Bank of India (RBI) asked the National Payments Corporation of India (NPCI) to consider One97 Communications’ request to become a Third-Party Application Provider (TPAP) for the Unified Payments Interface (UPI) channel. The move is meant to enable continued operation of the Paytm app after RBI placed business restrictions on Paytm Payments Bank, RBI …
After the Reserve Bank of India (RBI) cracked down against Paytm Payments Bank and its regulatory violations, traders’ body CAIT issued a cautionary advice to Paytm users, urging them to switch to other payment apps. A QR code for the Paytm digital payment system at a store in Mumbai.(Bloomberg) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The Confederation …
In a recent development, Paytm Payments Bank Limited (PPBL), an associate of One 97 Communications Limited (OCL), has been directed by the Reserve Bank of India (RBI) to take immediate steps in response to the regulator’s concerns. According to PPBL, the RBI’s directions under section 35A of the Banking Regulation Act, 1949, are being promptly …
Image Credits: Getty Images The Reserve Bank of India is discussing more penalties on Paytm Payments Bank and may reach a decision within days, two sources familiar with the matter told TechCrunch, as troubles mount for the Indian financial services firm that serves more than 330 million customers. The central bank has internally discussed revoking …