Page 3 - Paytm Payments Bank

Sebi and RBI take away the punch bowl

Unenviable position: If regulators act ahead, they are criticised as the action is at odds with some people's financial interests; if they don't act, they are blamed for being lax when disaster hits

Processing UPI transactions: Paytm's TPAP request awaits bank tie-ups

Need to comply with security, data localisation norms

Paytm PB failed to use mechanism for detecting suspicious transactions: FIU

Paytm Payments Bank failed to put in place an internal mechanism to "detect and report" suspicious transactions as stipulated under the anti-money laundering law and was unsuccessful in conducting due diligence of its payout service, the FIU said in its order that imposed a fine of Rs 5.49 crore on the digital entity. The federal financial intelligence gathering and dissemination agency said in its March 1 order that these charges against the bank, a registered reporting entity with the FIU under the PMLA, were "substantiated" after more than four years of investigation and a show cause notice that was issued against it on February 14, 2022. 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. "Following that period, we have enhanced our monitoring systems and reporting mechanisms to the Financial Intelligence Unit ...

Paytm sheds nearly 4% as FIU slaps Rs 5.5 crore penalty on Payments Bank

The penalty was slapped in connection with alleged violations under the Prevention of Money Laundering Act (PMLA), read with PML rules

FIU imposes Rs 5.49 cr penalty on Paytm Payments Bank for PMLA violations

After scrutiny of documents, FIU had issued a compliance Show Cause Notice to the bank for its violations of PML rules, including Know Your Customer

FIU imposes Rs 5.49 cr penalty on Paytm PB for money laundering violations

Financial Intelligence Unit-India (FIU-IND) has imposed a Rs 5.49 crore penalty on Paytm Payments Bank for violating anti-money laundering rules, the Finance Ministry said on Friday. FIU-IND initiated a review of Paytm Payments Bank on receipt of specific information from law enforcement agencies in respect of few entities and their network of businesses engaged in a number of illegal acts, including organising and facilitating online gambling. The money generated from these illegal operations, i.e. proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd, the ministry said. "The Financial Intelligence Unit-India (FIU-IND),... has imposed a monetary penalty of Rs 5.49 crore on Paytm Payments Bank Ltd with reference to the violations of its obligations under the PMLA (Prevention of Money Laundering Act)," the ministry said. The FIU passed its order imposing the penalty on February 15. The FIU action follows RBI

SoftBank Group sells another 2% stake in crisis-hit Paytm to under 3%

The Japanese conglomerate held a 17.5% stake in Paytm in September 2022. Since then, it has trimmed its ownership through multiple open market deals

Meeting with FM 'consultative' and 'positive': fintech, startup executives

The finance minister added that companies must ensure strict compliance and adherence with regulations

Paytm exhibits volatility day after Vijay Shekhar Sharma exits PPBL board

Vijay Shekhar Sharma on Monday stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL).

BS Banking Annual 2024: Fintech has tough days ahead, say experts

Fuel for fintech growth has been an issue for some time now

Vijay Shekhar Sharma steps down from Paytm Payments Bank board amid crisis

The development comes weeks after the Reserve Bank of India (RBI) imposed severe restrictions on the payments bank's operations

Paytm up 5%: Here's why foreign brokerages remain bullish on the stock

Analysts at Goldman Sachs, Bernstein and Morgan Stanley believe that Paytm can rally up to 75 per cent in a bull case scenario

Yet to delve deep to identify issue with firm: Paytm's advisory panel chief

An advisory committee, set up by Paytm owner One97 Communications after the Reserve Bank's action on its payments bank business, is yet to have a deeper engagement with the company to identify any issue, head of the panel and former chairman of Sebi M Damodaran said on Sunday. "We are an external advisor. At this point they (Paytm) are dealing with RBI," Damodaran said in response to a question on the impact on Paytm with regard to RBI's January 31 order on Paytm Payments Banks Limited (PPBL). As per the January 31 order, the RBI asked PPBL to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central bank extended the deadline till March 15. Paytm on February 9 announced setting up of a group advisory committee headed by Damodaran. The committee was set up to advise the company on strengthening compliance and on regulatory matters. When asked about

RBI's action on Paytm PB puts the spotlight on a few lingering issues

Should there be a revisit of the domestic-systemically important bank (D-SIB) framework, and is there a case for this to be widened to cover more kinds of regulated entities (REs)?

@Paytm UPI handles to be smoothly migrated from Paytm Payments Bank: RBI

NPCI asked to help Paytm app continue operations

KYC compliance: Time consuming, repetitive but critical for your safety

Update your documents regularly so that you are able to fulfil KYC demands seamlessly

Paytm Payments Bank, RBI controversy: How will it impact the customers

The company, part of One97 Communications, is a leader in Indian fintech and faces challenges of regulatory scrutiny and customer uncertainity

FinMin to meet fintech startups next week amid Paytm Payments Bank row

The meetings come in the wake of the Paytm Payments Bank crisis triggered by the Reserve Bank of India ordering the banking unit of digital payments firm Paytm to wind down operations

Jefferies suspends Paytm coverage amid uncertainty; shares jump 5%

Shares of Paytm gain for the second straight session

We will add some Paytm's customers: PhonePe co-founder & CEO Sameer Nigam

Nigam was in conversation with Shradha Sharma, founder and CEO, YourStory at the Mumbai Tech Week 2024