Paytm Payments Bank CEO Surinder Chawla Resigns

Paytm Payments Bank CEO Surinder Chawla Resigns

ByNews Polite

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,…

RBI Proposes Support for CBDC Distribution via Non-Bank Payment Operators

RBI Proposes Support for CBDC Distribution via Non-Bank Payment Operators

ByNews Polite

Several countries, including India, are expanding central bank digital currency (CBDC) trials, hoping to integrate then with their existing financial systems. The Reserve Bank of India has proposed the expansion of support for the digital rupee CBDC within the retail ecosystem beyond banks. In the coming days, the RBI is…

Paytm Gets Third-Party UPI App License From NPCI as Payments Bank Ceases Operations

Paytm Gets Third-Party UPI App License From NPCI as Payments Bank Ceases Operations

ByNews Polite

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…

Paytm Payments Bank Said to Cut About 20 Percent of Staff as Business Halt Looms

Paytm Payments Bank Said to Cut About 20 Percent of Staff as Business Halt Looms

ByNews Polite

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…

Financial Intelligence Unit Imposes Penalty of Over Rs. 5 Crore on Paytm Payments Bank

Financial Intelligence Unit Imposes Penalty of Over Rs. 5 Crore on Paytm Payments Bank

ByNews Polite

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…

RBI Moves to Ensure UPI Transactions on Paytm Continue to Work After Strictures on Paytm Payments Bank

RBI Moves to Ensure UPI Transactions on Paytm Continue to Work After Strictures on Paytm Payments Bank

ByNews Polite

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…

Paytm Crisis: Non-Bank Lenders Said to Explore Options for Loan Disbursal

Paytm Crisis: Non-Bank Lenders Said to Explore Options for Loan Disbursal

ByNews Polite

Indian non-bank lenders are looking at options other than Paytm for loan disbursal, worried about the regulatory crisis engulfing the firm that has led to a temporary halt of lending services, sources with direct knowledge of the matter said. Paytm’s banking unit on January 31 was hit by a central…