Key Points
The bounce-back aligns with reports that the Directorate of Enforcement (ED) has not found significant violations of foreign exchange rules in its ongoing investigation into Paytm Payments Bank Ltd (PPBL), although it noted lapses in the company's KYC processes and reporting of suspicious transactions...
The scrutiny on Paytm has intensified as the Reserve Bank of India (RBI) ramps up its oversight on fintech firms, reflecting a global trend towards tighter regulation of the sector..
The RBI's stringent stance follows a period of relatively lenient regulation, but as fintech firms gain economic significance, concerns over customer due diligence, data privacy, and systemic risks have prompted a reevaluation of oversight mechanisms..
The goal is to reinforce the importance of regulatory adherence while addressing industry concerns, particularly in the wake of the Paytm Payments Bank crisis and ensuing actions against other fintech operations...
The sector's ongoing adaptation to these regulatory demands highlights the delicate balance between innovation, customer protection, and systemic stability, setting the stage for the next phase of fintech evolution in India...
You might be interested in
Decoding Paytm’s compliance lapses; Temasek exits Policybazaar
02, Feb, 24The leadership of fintech firm Patym on Thursday acknowledged that it may have fallen short on compliance issues, triggering punitive action by the central bank. Neither the central bank nor Paytm founder Vijay Shekhar Sharma disclosed the exact reason for which the bank faced such stringent penal action. This and more in today's ETtech Morning Dispatch.
Most PSU bank stocks see double-digit growth since Holi 2022; 1 surges 137%
07, Mar, 23As we are inching closer to the festival of colours, it is worth looking at how PSU banks have performed during this period
Paytm shares hit fresh upper circuit limit after RBI's advice to NPCI
27, Feb, 24India Business News: A Trinamool leader from Ashoknagar was allegedly shot dead in West Bengal's North 24 Parganas district on Monday. The victim, identified as Bijan Das, was the deputy head of Guma 1 panchayat. TMC party leader Manav Kalyan Majumdar alleged that the opposition was behind the murder to create fear among the ruling party leaders.
Exclusive: Uber CEO Dara Khosrowshahi interview; Paytm Bank denies Fema breach
26, Feb, 24Happy Monday! Uber Technologies will be laser-focussed on its mobility business in India and consolidate its market share, CEO Dara Khosrowshahi told ET in an exclusive interview. More on this in todays ETtech Morning Dispatch.
How startup star Paytm became a cautionary tale
06, Feb, 24Discover the cautionary tale of Paytm, once a startup star, now facing serious troubles with the Reserve Bank of India. Learn about the regulatory actions and compliance issues that led to the downfall of this fintech company.
Paytm rubbishes news item that claimed its wallet business was up for sale, terms it "speculative"
06, Feb, 24New Delhi [India], February 6 (ANI): In a filing with the BSE and the NSE, One97 Communications, which operates the fintech company Paytm informed stock exchanges on Tuesday that a news item that Paytm’s wallet business was up for sale and is in talks with a particular Indian conglomerate is “speculative, baseless and factually incorrect”. […]
RBI action on Paytm Payments Bank has drawn fintechs' attention to compliance of laws: Chandrasekhar
18, Feb, 24Union Minister Rajeev Chandrasekhar emphasized the importance of regulatory compliance for fintech firms in light of the Paytm Payments Bank (PPBL) crisis. While addressing the PPBL issue, he noted that the Reserve Bank of India's action has drawn attention to the necessity of complying with regulations in the fintech industry, emphasizing that no company can escape consequences if non-compliant with the law.
Paytm crisis: Sitharaman asks regulators to hold monthly meetings with startups
27, Feb, 24Top executives from around 50 startups and fintech firms met the Union finance minister on Monday.
Frenzied Paytm employees flood recruiters with job applications amid crisis
05, Feb, 24Paytm Crisis: The Reserve Bank of India (RBI) restricted Paytm Payment Bank Ltd (PPBL) from offering almost all major banking services.
RBI supports fintech growth, not against it: Shaktikanta Das
06, Mar, 24The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, clarified that the central bank is not opposed to fintech and wants the sector to grow.