Key Points
First, Paytm was asked to freeze its banking business, a crackdown so severe that Indias pioneering digital payments firm bled out nearly 60% of its market value in two weeks..
The network was told to halt the use of its business cards for commercial payments where a fintech is in the middle..
The growth of neo-banking is courtesy of Amazon Web Services, which has allowed the worlds most-populous nation to move very large numbers of small payments instantaneously..
They process payments in real time in the cloud, and hand them to the merchants bank accounts over the core banking system in a day or two..
While freezing fresh credits into Paytm Payments Bank accounts for persistent non-compliances and continued material supervisory concerns, the regulator mandated that the bank terminate the nodal accounts of One 97 Communications Ltd., the publicly traded entity, and Paytm Payments Services Ltd., a subsidiary, at the earliest...
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