The commercial shows how the Paytm voicenote, which is heard after every successful payment, gets a Center Fruit twisṭ̣ adding fun to routine purchases.
Directors & those managing the finances of OCL & its affiliated firms, who have been served the notices, have to appear before the ED investigating officers, it is learnt.
It started as a side hustle of posting restaurant menus & reviews. 14 yrs later, Zomato, now synonymous with food delivery, also boasts quick commerce, going out, and B2B supply arms.
The administrative warning was related to two transactions with an unapproved amount of 3.24 billion rupees ($38.8 million) and 360 million rupees each.
The license, granted by the country's payments authority, came as Paytm Payments Bank will cease to operate on 15 March, following regulatory action due to non-compliance with certain norms.
Customers will not be able to deposit money into their account with Paytm Payments Bank. The bank will also not accept any credits or deposits other than interest, cashbacks, sweep-in from partner banks, or refunds after March 15, 2024.
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.
In tactical terms, the shirtless protest was worse than a self-goal. Suddenly, the fiascos of the AI Summit were forgotten, and the Youth Congress’s disruption became the issue.
IAF is fine with accepting the aircraft with 'must-haves', even if some other steps remain pending, which may take at least another year, it is learnt.
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.