paytm payments bank

Embattled Paytm’s Vijay Shekhar Sharma steps down from payments bank board in wake of RBI crackdown

26Feb

By adminNo Comments

Technology

Embattled Paytm’s Vijay Shekhar Sharma steps down from payments bank board in wake of RBI crackdown

[ad_1] Indian digital payments firm Paytm said on Monday Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit, as the embattled company overhauls its board in the wake of a central bank clampdown.Paytm likely to partner with four banks for enabling UPI transactions, sources sayTroubledPaytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said. The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app. UPI is India's real-time payments system, operated by the National Payments Corporat...

Paytm Payments Bank forced to stop conducting business by RBI; how mobile wallet business stoppage impacts customers

[ad_1] The Reserve Bank of India on Wednesday ordered Paytm Payments Bank Ltd., a unit of One 97 Communications Ltd., to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns. The regulator said the firm, which processes transactions for India's digital payments giant Paytm, must stop its banking activities after Feb. 29. How are customers affected?Existing customers, however, can withdraw their funds and use up the balance in the prepaid cards or wallets without any restrictions, the RBI said. Setback after setbackThe latest decision comes nearly two years after the regulator barred the bank, from taking on new customers because it violated certain rules, Bloomberg News had reported. Founder Vijay Shekhar Sharma h...

Paytm’s Surprise Share Buyback Plan Is Drawing Skepticism

[ad_1] Paytm’s plan to buy back shares has left investors surprised and worried about the loss-making Indian fintech firm’s growth prospects as it uses funds to prop-up its hammered stock. Paytm's plan to buy back shares has left investors surprised and worried about the loss-making Indian fintech firm's growth prospects as it uses funds to prop-up its hammered stock.The board of One 97 Communications Ltd., the listed-entity that runs Paytm, will decide on the buyback on Tuesday. The move comes as the stock has plunged about 75% since its listing last November to emerge as the world's worst-performing large initial public offering in a decade. The slump also prompted a unit of Japan's SoftBank Group Corp. — a key backer — to trim its holding. While a buyback could help stem the rout i...