We need to move away from the current one-size-fits-all framework to a risk-based approach. Until then, every fintech will be saddled by some regulation it is potentially violating.
Paytm has lost nearly 50% of its market value, resulting in roughly $3 billion of its shareholder wealth. It hit a record low of Rs 380.10 earlier in the day.
Paytm has lost about 43% of its market value since the RBI told Paytm Payments Bank on Wednesday to stop accepting fresh deposits in its accounts or popular wallets from March.
RBI had Wednesday put curbs on Paytm Payments Bank, a banking partner of Paytm, which included prohibitions on onboarding new customers and operating its mobile wallet services.
Paytm Payments Bank won't be allowed to take further deposits in any customer accounts after 29 Feb, and no credit transactions will be allowed either, including via wallets, RBI said.
The company which introduced India to mobile payments is building an India-scale AI system to help financial institutions capture possible risks and frauds in the sector.
Following Sharma's stake purchase from Antfin Holding, Paytm CEO Vijay Shekhar Sharma will now hold the largest stake in the digital payments firm, with a 19.42% ownership.
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Kudos to your article. This action smells use of Government and Regulator to right size an emerging business.
How do you expect a payment banks to open crores of accounts (which India ) needs and do traditional KYC.
That is preposterous requirement. Such a startup will never become profitable as it will drown itself in the cost of doing non sense KYC.
This action is analogous to India’s Jack Ma moment.
The big guys don’t want to share space with a new guy. They are doing everything in their power to right size the new guy.
But remember. You can have regulation and curtail someone. But you cannot take away power of great software. Software will win!
RBI is doing as much as possible to finish Fintech. But it can’t stop SBI from lending Adani Billions. Kamjor k liye sare niyam hote h.