Beleaguered Paytm Payments Bank’s managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said on Tuesday. Chawla’s resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI. “Surinder Chawla, Managing Director and CEO of PPBL, has tendered his resignation on April 8,…
Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country’s payments authority, which will enable it to facilitate payments after its banking unit ceases operations. The license will allow customers to continue using the Paytm app for…
Indian digital payments firm Paytm plans to cut close to 20 percent of staff at its banking unit amid uncertainty over the unit’s future due to a looming central bank deadline for it to halt most operations, two sources said. Paytm Payments Bank has decided to lay-off staff in certain…
India’s Financial Intelligence Unit (FIU) on Friday imposed a penalty of Rs. 5,49,00,000 ($662,565) on Paytm’s banking arm, Paytm Payments Bank, for violations in reporting illegal money routed through its accounts, the country’s finance ministry said. The FIU initiated a review of Paytm Payments Bank after information from law enforcement…
Payments firm Paytm on Friday cut some ties with its payments bank unit, which India’s banking regulator has ordered to be wound down, in its latest attempt to address compliance concerns that triggered a meltdown in its shares last month. Paytm, formally known as One 97 Communications, and its banking…
The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India (NPCI) to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP). If approved, this would allow Paytm to continue processing payments via India’s…
For Indian regulators seeking to crack down on potential fraud in the financial sector, Paytm may just be the beginning. India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that had attracted backing from Warren Buffett and SoftBank…
An investigation into possible foreign exchange violations at Paytm Payments bank by India’s financial crime fighting agency has not yet found any breaches, a government source directly aware of the matter said on Monday. Last week, India’s Enforcement Directorate announced the investigation into overseas transactions by Paytm Payments Bank, a…
India’s state-run social security fund will halt claims made via Paytm Payments Bank accounts from Feb. 23, as the country’s central bank imposed restrictions on the payments bank due to persistent irregularities, a government order said. The Employees’ Provident Fund Organisation (EPFO) has asked its officers to refrain from accepting…
The Reserve Bank of India on Wednesday restricted Paytm Payments Bank Ltd from taking fresh deposits and credit transactions across its services, due to non-compliance of regulations and supervisory concerns. An audit report revealed “persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action,” the central…
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