Key Points
Fintech major Paytm has been facing an existential crisis ever since the RBI barred the payment bank from accepting any deposits or credits to customer accounts..
The regulator is also said to be considering cancelling the banking licence as well on possible money laundering and know-your-customer (KYC) violations at Paytm.ETtech..
Shares of Jio Financial Services on Monday rallied up to 8.5% to day's high at Rs 275.4 on BSE after a newspaper report said crisis-ridden One 97 Communications is in talks with the Mukesh Ambani-owned NBFC and private sector lender HDFC Bank to sell its wallet business...
Quoting senior fintech and banking sector senior executives with knowledge of the matter, The Hindu Business Line said HDFC Bank and Jio Financial are said to be among the forerunners to acquire Paytm's wallet business, which is housed under Paytm Payments Bank...
While Vijay Shekhar Sharma's team is said to have been in talks with Jio Financial since last November, talks with HDFC Bank began just ahead of RBI's ban on Paytm Payments Bank, according to the report which also said that as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank...
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Paytm Payments Bank: The controversies and challenges ahead for India's fintech poster boy
04, Feb, 24The RBI's action prohibits the bank from accepting further deposits, conducting credit transactions, or carrying out top-ups on customer accounts after February 29. Paytm wallet users will still be able to use their existing balance until it is exhausted, but they will not be able to add any more money to their accounts. The RBI's move comes after concerns were raised about money laundering and questionable dealings within the bank.
Why RBI may have banned Paytm Payments Bank
04, Feb, 24The Reserve Bank of India (RBI) ordered the closure of Paytm Payments Bank due to non-compliance and supervisory concerns. A report reveals accounts a
Are you a Paytm customer? Here’s what you should know about RBI order against company
31, Jan, 24RBI also said the 'nodal accounts' of One97 Communications Ltd and Paytm Payments Services are to be terminated at the earliest, in any case not later than February 29, 2024
EPFO restricts credits, deposits into EPF accounts linked with Paytm Payments Bank from this date
09, Feb, 24The EPFO advised all its Field Offices to refrain from accepting claims associated with bank accounts in Paytm Payment Bank Limited with effect from next month.
RBI slaps severe curbs on Paytm Payments Bank operations from March
01, Feb, 24RBI orders Paytm Payments Bank to stop accepting money in customer accounts including wallets and prepaid instruments from March 1. The bank must also
Paytm Payments Bank fined ₹5.49 crore for money laundering
01, Mar, 24Financial Intelligence Unit on Friday imposed ₹5.49 crore penalty on Paytm Payments Bank for money laundering
'ED probe on Paytm Payments Bank if...': Revenue secretary's big disclosure
03, Feb, 24RBI has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business including taking further deposits, conducting credit transactions and carrying out top-ups on any customer accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.
Mukesh Ambani to acquire Paytm wallet? Jio Financial shares up 13% after report
05, Feb, 24Paytm faces an existential crisis ever since Reserve Bank of India (RBI) barred the payment bank from accepting any deposits or credits to customer accounts.
No communication with Paytm on transfer of business: SBI chairman Dinesh Khara
03, Feb, 24Following the RBI order, Paytm founder and CEO Vijay Shekhar Sharma said on February 1 that the fintech major is in discussion with some of its banking partners to transfer the business of Paytm Payments Bank.