Paytm Payments Bank

Vijay Shekar Sharma emphasises the transformative impact of India's digital services sector on employment and economic growth, appreciating the efforts of 'Indian Digital Services' workers

The northward move in the stock price is fueled by the news that the company has launched UPI International, allowing Indian travelers to make UPI transactions in 6 foreign countries

The Noida-based company's outgoing CTO Manmeet Singh Dhody has been 'transitioned' to a new role as AI (artificial intelligence) fellow of the fintech major

Fintech firm One97 Communications -- the owner of Paytm brand -- has received the government's approval for downstream investment in wholly owned subsidiary Paytm Payments Services Ltd, a regulatory filing said on Wednesday. The company will reapply for a payment aggregator (PA) licence, it said. "We would like to inform you that PPSL has received approval from the Government of India, Ministry of Finance, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the Company into PPSL. With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under foreign direct investment norms. As per Press Note 3, the government had made its

Currently, the annual salaries of non-executive independent directors of Paytm's board members runs into crores

Company says it's committed to 'highest compliance standards' after regulator flags related party transactions with Paytm Payments Bank in FY22

Reserve Bank of India (RBI) had approved Bansal's appointment as the MD and CEO of the payments bank, he communicated on June 20 to IDBI Bank

The development comes amid reports that Paytm may announce up to 20% layoffs in the current financial year amid regulatory setbacks imposed by the RBI

In January this year, the banking regulator placed crippling restrictions on Paytm Payments Bank citing persistent non-compliance at the bank

The company however has registered a steady increase in transaction volumes

The Standard on Auditing (SA) 570 requires the auditor to obtain sufficient appropriate audit evidence that a company is a going concern and will continue its operations for the foreseeable future

Training by the Indian Institute of Corporate Affairs is expected to help improve compliance

Paytm accounted for 8.1% of total UPI transactions in May, down from 13% in January, according to data released by the National Payments Corporation of India

One97 Communications said reports claiming that Gautam Adani, chairman of the Adani Group, is considering acquiring a stake in Paytm's parent company One97 Communications are speculative

During FY23, the company maintained an average of 32,798 employees on its rolls, with 29,503 actively engaged

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

UPI Lite processes low-value transactions that have been set at below Rs 500, according to the National Payments Corporation of India (NPCI) website

Euronet processed around 19 million consumer bill payments in March, marking a significant increase from 4.6 million in January, driven by the agreement with Paytm

Paytm stated that the company is currently undergoing a restructuring process to strengthen its leadership team

Gupta's resignation comes just as the firm is set to announce its annual and fourth quarterly results. Gupta resigned from his position at the company citing personal reasons