Paytm Terminates Some Ties With Troubled Payments Bank Unit

RBI Restricts Paytm Payments Bank From Taking New Deposits, Credit Transactions
Payments firm Paytm on Friday cut some ties with its payments bank unit, which India’s banking regulator has ordered to be wound down, in its latest attempt to address compliance concerns that triggered a meltdown in its shares last month.... Read more

Paytm Payments Bank Hit With Penalty of Over Rs. 5 Crore by FIU

Enforcement Directorate Said to Have Not Yet Found Forex Breaches at Paytm Payments Bank
India’s Financial Intelligence Unit (FIU) on Friday imposed a penalty of Rs. 5,49,00,000 ($662,565) on Paytm’s banking arm, Paytm Payments Bank, for violations in reporting illegal money routed through its accounts, the country’s finance ministry said. The FIU initiated a... Read more

E-Rupee CBDC Said to Cross 1 Million Daily Transactions by End of 2023

India’s eRupee CBDC to Get Offline Payments Feature, Programmability Tweaks: RBI Governor
Indian banks disbursed some employee benefits through the digital rupee in December, helping the Reserve Bank of India meet its target of one million daily transactions by end-2023, three sources directly familiar with the development said. The central bank digital... Read more

RBI Moves to Keep UPI Transactions Working on Paytm

Paytm Shifts Nodal Account to Axis Bank, RBI Extends Unit Wind-Down Date to March 15
The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India (NPCI) to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP). If approved,... Read more

Paytm Crackdown Signals More RBI Scrutiny on India Banks

Paytm Crackdown Signals More RBI Scrutiny on India Banks
For Indian regulators seeking to crack down on potential fraud in the financial sector, Paytm may just be the beginning. India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech... Read more

Paytm Crisis: Non-Bank Lenders Explore Options for Loan Disbursal

Paytm Shifts Nodal Account to Axis Bank, RBI Extends Unit Wind-Down Date to March 15
Indian non-bank lenders are looking at options other than Paytm for loan disbursal, worried about the regulatory crisis engulfing the firm that has led to a temporary halt of lending services, sources with direct knowledge of the matter said. Paytm’s... Read more

RBI Not Planning Harsher Rules to Curb Fintech Sector, Official Says

RBI Restricts Paytm Payments Bank From Taking New Deposits, Credit Transactions
India’s banking regulator doesn’t intend to impose drastic measures on the country’s fintech sector, a senior official said, weeks after it stunned investors by abruptly suspending much of the operations of Paytm Payments Bank, founded by high-flying billionaire Vijay Shekhar... Read more

Paytm CEO Said to Be in Talks With RBI Over Regulatory Concerns

Paytm CEO Vijay Shekhar Sharma Said to Be in Talks With RBI Over Regulatory Concerns
Paytm Chief Executive Vijay Shekhar Sharma met the Indian central bank on Monday to discuss plans to address regulatory concerns, two sources with direct knowledge of the talks said on Tuesday, days after the regulator imposed curbs on its banking... Read more

EPFO to Halt Claims Made via Paytm Payments Bank Following RBI Action

iQoo Neo 7 SE Tipped to Get MediaTek Dimensity 8200 SoC, May Launch Soon
India’s state-run social security fund will halt claims made via Paytm Payments Bank accounts from Feb. 23, as the country’s central bank imposed restrictions on the payments bank due to persistent irregularities, a government order said. The Employees’ Provident Fund... Read more