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All articles tagged with #paytm

finance1 year ago

"Global Equities Mixed as Wall Street Slips and Inflation Takes Center Stage"

Asia-Pacific markets traded mixed as Hong Kong stocks led declines and Japan's Nikkei 225 gave up gains, following a pause in Wall Street's rally. Major economic data this week include China's manufacturing purchasing managers' index and the U.S. personal consumption expenditures price index data. Paytm shares rose after CEO exited payments bank board, while Japan's January core consumer prices cooled year-over-year. In the crypto market, stocks tied to the price of bitcoin surged as the cryptocurrency broke through $54,000 for the first time since December 2021.

via CNBC|
#asia-pacific-stocks#bitcoin#finance
businesstech1 year ago

"Paytm's E-Wallet Crisis: Impact and Future Outlook"

India's government has effectively shut down the e-wallet service Paytm, used by over 300 million people, due to its parent company's bank failing to prevent money laundering. Users can no longer add funds to their wallets and have until March 15 to transfer balances to rival e-wallet products. The Reserve Bank's actions reflect the government's push to shrink India's cash economy and combat financial crime, despite Paytm's massive adoption and local popularity.

via The Register|
#businesstech#e-wallet#financial-services
business-finance1 year ago

"Macquarie Downgrades Paytm Amid Customer Exodus Concerns"

Macquarie has slashed its 12-month price target on Paytm by 57.7% due to concerns over a potential exodus of customers following heightened regulatory scrutiny from the Reserve Bank of India. The central bank's recent clampdown on Paytm Payments Bank has raised existential questions about the future of the leading financial services firm, with Macquarie predicting a sharp reduction in revenues and potential challenges in retaining lending partners. The analyst team also highlighted the arduous task of migrating payment bank customers to other bank accounts within the RBI's deadline.

via TechCrunch|
#business-finance#digital-payments#macquarie
business1 year ago

"Paytm Crisis: Lessons for Regulators and Fintech Start-ups"

India's leading fintech start-up, Paytm, is facing a serious crisis as the country's central bank has ordered its banking division to stop all services due to alleged non-compliance with regulations, leading to investor nervousness and a potential loss of its banking license. The company denies the allegations and is working to address the concerns raised. The regulatory crackdown has impacted thousands of small business owners who relied on the app for transactions, and has led to a shift in customer retention to rival payment options. The crisis has raised questions about corporate governance in high-profile start-ups and has sent ripples across India's fintech and start-up ecosystem.

via BBC.com|
#business#digital-payments#fintech
businesstech1 year ago

"Paytm Faces Regulatory Challenges as Retailers Attract Walmart and Google"

India's digital payments giant Paytm is facing a regulatory crackdown, causing many merchants to express concerns and prompting the company to send sales staff door-to-door to reassure them. Meanwhile, competitors like Walmart's PhonePe and Google Pay are seeing increased demand for their offerings, with downloads of their apps surging. Paytm's stock has plunged, creating an opportunity for its rivals to capitalize on the situation.

via Reuters India|
#businesstech#competition#digital-payments
business1 year ago

"Regulatory Crisis Rocks India's Startup Rockstar Paytm, Shares Plummet"

India's federal anti-fraud agency is investigating digital payments firm Paytm for potential violations of foreign exchange laws, leading to a $2.5 billion loss in the company's market value. The Reserve Bank of India (RBI) has instructed Paytm's banking unit to cease operations, and the company is reportedly in talks to sell its wallet business. The regulatory crackdown has raised concerns about the company's future, with the RBI expressing worries about potential money laundering through Paytm's accounts. As a result, other financial institutions like State Bank of India are preparing to support merchants and retailers affected by the uncertainty surrounding Paytm.

via Reuters|
#business#digital-payments#india
businessfinance1 year ago

"Paytm's Plunge: India's Hottest Startup Sees Record Low Amid Regulatory Scrutiny"

Shares of Indian fintech giant Paytm plunged 10% after the Reserve Bank of India (RBI) widened its curbs on Paytm’s Payments Bank, leading to concerns about the company's future. The clampdown has resulted in a significant decline in Paytm's market cap and raised doubts about its ability to continue offering banking services. The ongoing episode is also impacting investor confidence in the Indian fintech market, with regulatory changes making the sector increasingly challenging for many VCs.

via TechCrunch|
#businessfinance#fintech#india
financetechnology1 year ago

"Paytm CEO Vijay Shekhar Sharma Denies Money Laundering Probe Amid Crisis"

Paytm's parent company, OCL, has denied any investigation by the Enforcement Directorate for anti-money laundering activities, stating that neither the company nor its CEO Vijay Shekhar Sharma are being probed. The company emphasized its compliance with Indian laws and the seriousness with which it takes regulatory orders. Paytm also clarified that the recent RBI action on Paytm Payments Bank is part of an ongoing supervisory engagement and compliance process, urging stakeholders to refer to official sources for information. This comes after reports of a potential ED probe and RBI crackdown on Paytm Payments Bank over irregularities in KYC norms and related party transactions.

via Mint|
#enforcement-directorate#financetechnology#money-laundering
business1 year ago

"Paytm CEO Sharma Faces Regulatory Crisis as Shares Plummet 36%"

Vijay Shekhar Sharma, CEO of Paytm, is facing a major regulatory crisis as India's central bank ordered his banking arm to stop most operations due to non-compliances and supervisory concerns. This has led to a significant drop in Paytm's valuation and raised doubts about the company's future. Sharma, known for his rags-to-riches story and outspoken nature, is working to restore investor confidence and keep the operations running. Despite the challenges, he remains undeterred and committed to serving the nation in full compliance.

via Reuters|
#business#digital-payments#india
business-finance1 year ago

"Regulatory Crisis: Paytm's Shares Plummet Amid License Uncertainty"

India's central bank, RBI, has ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March, raising uncertainty about the future of its digital wallet business. The bank's digital wallet business may not be able to operate after Feb. 29 unless the RBI approves a transfer of its license to parent group One 97 Communications. Paytm faces a potential crisis as its shares plunged 20% for a second straight day, wiping about $2 billion off its market value, and analysts have downgraded the stock following the RBI order.

via Reuters.com|
#banking#business-finance#digital-payments
business1 year ago

"RBI Halts Paytm Payments Bank, Shares Plummet 20%"

Indian digital payments firm Paytm's market value plunged by 20% after the Reserve Bank of India (RBI) ordered its payment bank to halt its business due to non-compliance with central bank rules. The RBI's action threatens Paytm's path to profitability and its main payments business, with analysts slashing the company's rating and target price. Paytm expects to return to normalcy by March and is working to develop partnerships with other banks following the regulatory order. The company's stock fell to a six-week low, erasing around $1.2 billion in value, and faces concerns over its lending partnerships and credibility.

via Reuters|
#banking#business#digital-payments
finance-business1 year ago

RBI's Clampdown: The Paytm Payments Bank Saga Unraveled

The Reserve Bank of India (RBI) has directed Paytm Payments Bank to cease accepting fresh deposits in its accounts or wallets from March, potentially leading to the cancellation of its license. The bank, which is 49% owned by Paytm, has faced regulatory concerns prompting the RBI's action. Paytm has announced plans to comply with the RBI's directions and expects an impact of 3-5 billion rupees on its annual earnings. The move has raised reputation and regulatory concerns for Paytm, while the bank's ability to meet outflows is expected to be supported by its holdings in government bonds and deposits at other banks.

via Reuters|
#finance-business#india#payments-bank
business2 years ago

India's Crackdown on Unsecured Loans Sends Shockwaves Through Fintech Industry

India's crackdown on unsecured loans is impacting fintech companies like Paytm, as the government tightens regulations to protect consumers. The move aims to address concerns over predatory lending practices and high interest rates charged by these companies. As a result, fintech firms are facing increased scrutiny and are being required to comply with stricter lending guidelines. This has led to a decline in loan disbursements and a slowdown in the growth of the sector.

via Financial Times|
#business#fintech-companies#india
business2 years ago

Berkshire Hathaway's Loss: Warren Buffett Exits Paytm at a 40% Decrease

Berkshire Hathaway, led by Warren Buffett, has sold its shares in Paytm-parent firm One97 Communications, incurring a loss of approximately 40% on its investment made over five years ago. The investment giant initially invested $260 million in Paytm in 2018, acquiring a 3% stake at a valuation of $10 billion. Berkshire Hathaway sold a stake worth $36 million in 2021 at a profit, and on Friday, it sold its remaining position for $121.6 million. Paytm, which made its IPO debut in 2021, has seen a rebound in its share price following fast revenue growth and improved finances in recent quarters.

via TechCrunch|
#berkshire-hathaway#business#financial-services
business2 years ago

Paytm Founder Vijay Shekhar Sharma Acquires $628 Million Stake from Ant Financial

Paytm founder Vijay Shekhar Sharma has acquired a 10.30% stake in the Indian financial services firm from Ant Financial, in a deal worth $628 million. The move is seen as an effort to reduce Paytm's exposure to the Chinese company. Sharma's stake in Paytm will increase to 19.42%, while Ant Financial's shareholding will decrease to 13.5%. The deal is being executed off-market, with no cash payment involved. Paytm's stock rose over 6.5% on the news.

via TechCrunch|
#ant-financial#business#financial-services