PAYTM PAYMENTS BANK MONEY LAUNDERING
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
6 big deadlines, rule changes in July 2024: Credit card rule changes, Paytm wallet, ITR deadline
Money changes in July: With July fast approaching, it's essential to keep track of upcoming money deadlines and rule changes. Here is a look at five money-related changes and deadlines in July.
ED gets 7-day remand of 'kingpin' in 2022 JKSSB SI paper leak case
Yatin Yadav, the alleged kingpin in the 2022 JKSSB sub-inspector recruitment exam paper leak case, was remanded to seven-day Enforcement Directorate custody by a special court in Jammu. The case involves the cancellation of a selected list of candidates due to paper leak and malpractice. The ED is now investigating Yadav's alleged involvement in a scheme to access leaked papers for payments ranging from Rs 15 lakh to Rs 30 lakh.
These Paytm wallets will be closed on July 20, 2024
Latest on Paytm: In March, the Reserve Bank of India (RBI) issued guidelines that prohibit Paytm Payments Bank Account/Wallet from receiving new deposits or authorizing credit transactions beyond March 15, 2024.
As Hyundai India eyes listing, here are some of nation's biggest IPOs
Hyundai Motor's Indian business filed draft papers for a potential large IPO in India to enhance its brand image and increase liquidity.
Paytm Q4 losses tripled; Oyo IPO withdrawn
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
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Paytm focuses on UPI Lite wallet for low-value transactions
Paytm promotes UPI Lite for small transactions, collaborating with top banks. The on-device wallet allows quick, PIN-free payments up to Rs 500, enhancing the user experience for everyday purchases.
Paytm market cap nears $2.5 billion as shares continue to tumble
When it was listed on the public bourses in 2021, Paytm was valued at nearly $20 billion.
Paytm market cap nears $2.5 billion; state-run banks turn to GenAI
Paytm’s market capitalisation is down to nearly $2.5 billion after a ninth straight session of declines on the BSE.
Paytm stock slides after COO exit; India’s first microcontroller chip
Shares of Paytm parent One 97 Communications fell 5% on Monday after its president and chief operating officer Bhavesh Gupta resigned. More on this in today’s ETtech Top 5.
Paytm shares fall 5% after COO Bhavesh Gupta resigns
Paytm Share Price: On Monday, shares of One 97 Communications, the parent company of Paytm, experienced a 5% decline, reaching a day's low of Rs 351.70. This drop followed the company's disclosure to the exchanges regarding the resignation of Bhavesh Gupta, who served as the Chief Operating Officer (COO) and President of Paytm.
Paytm Payments Bank’s wallet business fading fast as restrictions bite
Regulatory actions cripple Paytm Payments Bank's mobile wallet business, leading to a significant decline in transactions and value. Competitors like Mobikwik, PhonePe, Amazon Pay, and Slice experience growth in their wallet businesses.
"Be mindful..." RBI Governor Das flagged this to banks and NBFCs over public money during MPC meeting
RBI Governor Shaktikanta Das emphasizes the responsibility of financial institutions in handling public funds. Recent actions against entities like Paytm, IIFL Finance, and JM Financial highlight regulatory scrutiny. S&P lauds RBI's governance efforts but warns of higher capital costs due to stringent measures. Regulatory focus intensifies on compliance, customer protection, and risk mitigation.
Paytm Payments Bank failed to put apparatus for detecting, reporting suspicious transactions under PMLA: FIU
After the Union finance ministry issued a press statement on the FIU action, a Paytm Payments Bank spokesperson had said that the penalty pertains to issues within a business segment that was discontinued two years ago.
Financial Intelligence Unit imposes Rs 5.49 crore fine on Paytm Payments Bank
In a statement on Friday, the finance ministry said that the FIU-IND initiated a review of the Paytm Payments Bank on receipt of specific information from law enforcement agencies about few entities and their network of businesses that engaged in illegal acts, including organising and facilitating online gambling.
Paytm Payments Bank crisis: RBI extends timeline for deposits, credit transactions till March 15
The RBI on Friday extended the timeline for Paytm Payments Bank's customers to make deposits and access credit transactions till March 15. The central bank has also issued a set of FAQs relating to the Paytm crisis.
Money laundering suspected: More payment banks under scanner
About 30,000 of these are with payments banks other than Paytm Payments Bank and details have already been given to the Reserve Bank of India (RBI), which is looking into these and has sought further information, said people with knowledge of the matter. The banking regulator didn’t respond to queries.
Financial Services Secretary Vivek Joshi states RBI primed to handle Paytm issue
Financial Services Secretary Vivek Joshi clarified that the Reserve Bank of India (RBI) actions against Paytm fall under the RBI's jurisdiction, distancing the government from involvement. The RBI imposed restrictions on Paytm Payments Bank Ltd (PPBL), prompting concerns about financial stability. Joshi addressed FDI scrutiny and reassured customers about PPBL's size relative to systemic stability. Paytm founder's meeting with the Finance Minister and compliance issues at PPBL highlight the importance of regulatory oversight in the financial sector.
Faced with RBI order, what legal options are there before Paytm? Sandeep Parekh answers
"There must be something pretty serious for them to take an action like this but at the same time, since official data is not available on why they have taken that action, it is difficult to look at proportionality of whether it is fair enough, whether what they have done is in line with the opex that is need to be till the violation is there ."
Customers, competitors redraw plans with Paytm
Paytm Payments Bank faces uncertainty as customers and competitors adjust plans. Regulator intervention may be necessary to resolve issues related to banks taking over accounts. Parent company One 97 Communications and its loan sourcing business with non-banking financial companies will also be affected. Shriram Finance and other partners are reconsidering their relationships with Paytm.
What steps has ED taken over allegations of money laundering against Paytm?: Congress
Congress spokesperson Supriya Shrinate asked whether the ED was "satisfied" with cases against political leaders, alleging that 95 per cent of its cases were against politicians.
ED, GST authority flagged several violations by Paytm earlier
The ED and DGGI have investigated Paytm for alleged money laundering and illegal betting. The agencies have raised concerns about Indian payment gateways being used for trade-based money laundering, illegal betting, and diversion of funds to crypto wallets. Paytm has faced scrutiny for KYC-related lapses and freezing suspicious accounts.
Not being investigated by ED, no charges of money laundering: Paytm to stock exchanges
Paytm parent One 97 Communications said in a stock exchange filing late Sunday that it denies any investigation by the Enforcement Directorate on the parent entity, it associates and/or its founder & CEO for anti-money laundering activities.
CAIT advises traders to switch from Paytm to other payment apps in light of RBI action
"The Reserve Bank of India has imposed certain restrictions, prompting CAIT to recommend that users take proactive measures to protect their funds and ensure uninterrupted financial transactions. Large number of small traders, vendors, hawkers and women are making payments through Paytm and as such RBI restrictions on Paytm could lead financial disruption to these people," the Confederation of All India Traders (CAIT) stated.
Exchanges lower Paytm's circuit limits to 10% after price crash
Stock exchanges BSE and NSE have revised the circuit limits for Paytm parent company One97 Communications following a steep price crash caused by RBI's crackdown on Paytm Payments Bank. The circuit limits have been changed to 10%, and the stock cannot fall below the lower limit or rise above the upper limit. The RBI's action against Paytm Payments Bank, which was barred from accepting fresh deposits, has had a significant impact on Paytm's operations. Jefferies and Motilal Oswal Securities have downgraded Paytm's parent shares.
Money laundering concerns and KYC non-compliance led to ban on Paytm Bank by RBI
Reserve Bank of India (RBI) has imposed restrictions on Paytm Payments Bank Ltd (PPBL), ordering it to cease most of its business activities, including accepting further deposits, conducting credit transactions, and carrying out top-ups for customer accounts, prepaid instruments, wallets, and cards for road toll payments after February 29.
India financial crime fighting agency will probe Paytm Payments Bank if money laundering found
The Reserve Bank of India (RBI) on Wednesday ordered the payments bank unit of One 97 Communications, popularly known as Paytm, to stop accepting fresh deposits in its accountsor popular wallets from March.
After series of ‘violations’, Paytm may lose Payments Bank licence
The RBI alerted the ED about possible money laundering and KYC violations at Paytm. The home ministry alerted the PM's office about security concerns related to fund flows with links to China. RBI uncovered data breaches and found violations of the Prevention of Money Laundering Act. Paytm officials were told to mend their ways after a meeting with the regulator. RBI took action to warn the company, and harsher action is possible if there is no change.
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