PAYTM NEWS LATEST
Vijay Shekhar Sharma breaks silence on why senior-level employees are leaving Paytm; here's what he said
One97 Communications, the parent company of Paytm, underwent layoffs in June without specifying the number affected, offering outplacement support for transitioning employees. Despite questions about senior-level departures, founder Vijay Shekhar Sharma assured that all is well. Paytm's sales team decreased by 3,500 to 36,521 personnel due to regulatory impacts from the RBI's restrictions on Paytm Payments Bank.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Budget-day release for FAME-III; Indian VCs need to pivot
Measures to boost the sale of electric vehicles are likely to be announced in the upcoming budget. this and more on today’s ETtech Top 5.
Paytm employees cry foul after being asked to quit
Paytm layoffs: Following the RBI's decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to "voluntarily resign" without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
Wipro promotes veterans; Paytm & Nykaa Q4 financials
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
Paytm shares jump nearly 10% in 2 days after hitting all-time low
The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.
Paytm shares hit 5% upper circuit on dip buying
Paytm Share Price: The stock, which stooped to a new all-time low of Rs 310 on Wednesday, witnessed a reversal on Thursday amid strong volumes with over 88 lakh shares getting traded on the NSE around 12:20 pm.
Mukesh Bansal’s Cultfit gets new CEO; Google unveils Arm-based chip
Cultfit has formally appointed Naresh Krishnaswamy as CEO. Details on this and more in today’s ETtech Top 5.
Paytm moves PoS terminals to RBL Bank; CCI orders probe on Google
Paytm’s point of sale (PoS) terminals for processing card payments are being moved to RBL Bank. This and more in today’s ETtech Top 5.
Rupeek’s steep down round; Paytm to become third-party UPI app
Gold loan startup Rupeek may soon be tying up a new funding round, albeit at a lower valuation. This and more in today’s ETtech Morning Dispatch.
Paytm shares extend losses, fall 10% in three sessions
Paytm Share Price: Vijay Shekhar Sharma's resignation as the part-time non-executive chairman and board member at Paytm Payments Bank did not cut much ice with the investors who preferred to sell shares in hordes. Around 10 am, nearly 42.78 lakh shares were trading on the NSE.
Will Paytm FASTag work beyond the March 15 deadline as Paytm shifts nodal account to Axis Bank?
Paytm FASTag: As of February 22, 2024 existing FASTags of Paytm would work post March 15, 2024 but they cannot be topped up with money. So this will render them unusable for paying highway toll tax once the existing balance is exhausted. Here's what you need to know about using Paytm FASTag post March 15, 2024
Bear Attack! HDFC Bank, RIL drag Sensex 500 points lower; Nifty below 21,950
Indian equity indices traded lower due to declines in HDFC Bank and Reliance Industries. Asian Paints, Bharti Airtel, Power Grid, Bajaj Finserv tradec with cuts. Axis Bank, HCL Tech, L&T, TCS, Wipro, Maruti gained.
Paytm karo is back? Fintech shares rally 10% in 2 days. 4 reasons why
Paytm has announced a partnership with Axis Bank under which nodal accounts or escrow accounts will be shifted to the private sector lender. This arrangement is expected to seamlessly replace the nodal account that One 97 was using with Paytm Payments Bank.
Paytm Fastag account: How, why and by when you have to deactivate it
Paytm Payments Bank Ltd has been removed from NHAI's approved list of Fastag providers. Users must deactivate their Paytm Fastag and obtain a new one from the 32 banks listed on NHAI's website or through the "My FASTag" app. Visit NHAI's official website for more details.
Amid Paytm crisis, Indian NBFCs explore options for loan disbursal
Indian non-bank lenders are exploring alternative options for loan disbursal amid concerns over the regulatory issues surrounding Paytm, which has led to a temporary halt in its lending services. While lending partners have not terminated contracts with Paytm, they are reportedly seeking alternatives due to uncertainty about when lending services might resume through the Paytm app.
RBI gives a must-do-list for financial institutions amid Paytm crisis
RBI Governor emphasised the importance of good governance, risk management, compliance culture, and customer protection for the safety of financial institutions. The comments come amid the Paytm crisis. Paytm Payments Bank faces an uncertain future after RBI's regulatory actions, which could lead to a financial impact of Rs 300-500 crore on its yearly earnings.
The week that was: Hope and despair on Startup St., and other top tech stories
But if there’s one thing that has come to the fore this week, it's compliance and governance issues at startups. When companies are in the nascent stage they can get lax on setting up internal controls, but once you scale it becomes a different proposition altogether.
Paytm shares crash 20% after RBI damages reputation, brokers downgrade
Shares of Paytm, owned by One 97 Communications, crashed 20% on BSE after the RBI directed Paytm Payments Bank to halt new credit and deposit operations. Jefferies, a global broking firm, downgraded Paytm and highlighted the impact on Paytm's wallet business and profitability of merchant payments. Macquarie's Suresh Ganapathy emphasized the regulatory issues faced by Paytm and the potential implications for revenue and profitability.
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