Paytm Payment Bank

Former Chief Business Officer of WhatsApp Neeraj Arora has quit the board of the fintech firm One97 Communications, owner of Paytm brand, citing pre-occupation and personal commitments, a regulatory filing said on Monday. Arora had quit the Paytm board earlier in early 2018 but rejoined it before the company's IPO. "The Board, at its meeting held today i.e., June 17, 2024, took note of the resignation tendered by Shri Neeraj Arora, Non-Executive Independent Director of the Company on account of pre-occupation and other personal commitments. He will accordingly cease to be a Non-Executive Independent Director, with effect from the closure of business hours on June 17, 2024," Paytm said in the regulatory filing. Arora was a key figure in negotiating the WhatsApp merger deal with social media major Facebook. He has co-founded his own social networking Hallo App and a venture capital firm Venture Highway. Paytm has onboarded former whole-time director of market regulator SEBI Rajeev .

The decline followed the company's announcement of its Q4 results, which fell short of market expectations. Paytm's loss widened to Rs 549.6 crore in Q4FY24

Paytm on Wednesday reported a 54 per cent year-on-year (Y-o-Y) decline in total loans disbursed in its financial results for 2023-24 (FY24)

Paytm sought government approval last year for the investment it had already made in its newly established payments gateway arm

NHAI has advised Paytm FASTag users to obtain a new FASTag from another bank before March 15 to ensure a smooth travel experience and avoid inconvenience at toll plazas, an official statement said on Wednesday. This will help avoid penalties or double fee charges while commuting on National Highways, as per the statement. Following the Reserve Bank of India's guidelines on restrictions concerning Paytm Payments Bank, the statement said Paytm FASTag users will no longer have the option to recharge or top-up their balance after March 15, 2024. However, they can continue to use the existing balance to pay tolls beyond the stipulated date, it added. NHAI also advised Paytm FASTag users to reach out to their respective banks or refer to the FAQs provided on the IHMCL (Indian Highway Management Company Limited) website.

Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated

The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank

Last week, India's Enforcement Directorate announced the investigation into overseas transactions by Paytm Payments Bank, a unit of One 97 Communications, popularly known as Paytm

The company is shifting its nodal account to Axis Bank to continue merchant settlements

Manju Agarwal resigned from the board of Paytm Payments Bank on Feb 1 due to personal commitments, the company said in an exchange filing

Paytm E-commerce has changed its name to Pai Platforms and has acquired Bitsila, a seller platform on ONDC, gaining share in the online retail business. According to sources aware of the development, the company had applied for a name change around three months ago and got the approval from the Registrar of Companies on February 8. "... The name of the company has been changed from Paytm E-Commerce Private Limited to Pai Platforms Private Limited with effect from the date of this certificate... The company was originally incorporated with the name Paytm E-Commerce Private Limited," according to a Registrar of Companies notification dated February 8. Elevation Capital is the largest shareholder in Paytm E-commerce. It is also backed by Paytm Founder and CEO Vijay Shekhar Sharma, Softbank and eBay. Sources said that the company has now acquired Innobits Solutions Private Limited (Bitsila) which was launched in 2020 and operates as an ONDC seller platform with full-stack omnichannel a

Financial Services Secretary Vivek Joshi on Wednesday said it is for the Reserve Bank to deal with the Paytm issue and the government has nothing to do with the matter for now. He also said that Paytm Payments Bank Ltd (PPBL) is a small financial entity and there are no systemic stability concerns. Amid concerns over non-compliance, Reserve Bank of India (RBI) has taken various measures against PPBL wherein it will not be allowed to offer any services concerning deposits, prepaid instruments and e-wallet after February 29. The entity has also been directed to stop onboarding new customers. "It is action taken by the regulator. They regulate the banks. The government has had nothing to do until now when it comes to the actions taken against Paytm. And we believe that RBI must have taken the action in the overall interest of the consumer and the economy," Joshi told PTI in an interview. With regard to Foreign Direct Investment (FDI) in Paytm's payment aggregator subsidiary, he said

Paytm has also been seeking clarity from the RBI regarding transfer of license for the wallets business and digital highway toll payment service Fastag, the source said

RBI Paytm Payments Bank news: After the ban announced on January 31, the shares of One97 Communications Ltd have fallen over 43% and are near their all-time low

Paytm expects an impact on its annual Ebitda (earnings before interest, taxes, depreciation and amortisation) in the range of Rs 300 to Rs 500 crore

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Paytm's parent added that it expects this action to have an impact of Rs 300 to 500 crore on its annual EBITDA

The RBI has restricted PPBL from taking fresh deposits and credit transactions across its services due to non-compliance of regulations and supervisory concerns

Barring Fsn E-Commerce Ventures and Delhivery, Zomato, Paytm, and PB Fintech may rally up to 19%, show technical charts

According to NPCI, users will receive a daily transaction history of all the payments made through UPI LITE as an SMS from their banks.