Speakasia on Tuesday said it had received approximately Rs 71.93 crore ($16 million) from United Overseas Bank, Singapore, after closure of its account with them. The company maintained it would disburse the amount among its panellists as soon as it identified a new banking partner.
Speakasia’s India CEO, Manoj Kumar wrote: “A sum of Rs 102 crore is lying in the bank accounts of HVP’s collection agents in India, under temporary strictures by the banks and will soon be operative. We have begun preparing for disbursal of these funds to our panellists once the strictures put by some banks on transfer and payments are withdrawn.”