Paytm Payments Bank Rbi

Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement.

Paytm warned of job cuts and said it would trim non-core assets after reporting its first sales decline on record, reflecting fallout from a regulatory probe that curtailed much of the Indian fintech pioneer’s business.

Digital payments firm Paytm posted a wider loss in the fiscal fourth quarter on Wednesday, hurt by weakness in its payments and financial services business after the central bank shut down its banking unit.

The board of India's Paytm Payments Bank is independent and capable of addressing regulatory concerns, the chief executive officer of digital payments firm Paytm, formally known as One97 Communications Ltd, (OCL) said on Monday.

Beleaguered Paytm Payments Bank's managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said on Tuesday. Chawla's resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI.

Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country's payments authority, which will enable it to facilitate payments after its banking unit ceases operations.

Paytm, a major player in India's fintech scene, is facing a setback as its banking arm, Paytm Payments Bank Ltd (PPBL), is stopping key services from today.

Indian digital payments firm Paytm plans to cut close to 20 percent of staff at its banking unit amid uncertainty over the unit's future due to a looming central bank deadline for it to halt most operations, two sources said.

Paytm Payments Bank will stop offering services like accepting deposits and processing credit transactions starting March 15, as directed by the Reserve Bank of India.

Google and Walmart Inc. are rapidly gaining customers from India's Paytm, the fintech pioneer struggling to navigate central bank restrictions and the potential shutdown of a key payments affiliate.

India's Financial Intelligence Unit (FIU) on Friday imposed a penalty of Rs. 5,49,00,000 ($662,565) on Paytm's banking arm, Paytm Payments Bank, for violations in reporting illegal money routed through its accounts, the country's finance ministry said.

Payments firm Paytm on Friday cut some ties with its payments bank unit, which India's banking regulator has ordered to be wound down, in its latest attempt to address compliance concerns that triggered a meltdown in its shares last month.

The reason behind merchants' confidence is the fact that a Paytm representative reached out to them after the RBI decision.

Digital payments firm Paytm said on Monday that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit.

India's troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular Unified Payments Interface (UPI), two sources aware of the development told Reuters.

Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement.

Paytm warned of job cuts and said it would trim non-core assets after reporting its first sales decline on record, reflecting fallout from a regulatory probe that curtailed much of the Indian fintech pioneer’s business.

Digital payments firm Paytm posted a wider loss in the fiscal fourth quarter on Wednesday, hurt by weakness in its payments and financial services business after the central bank shut down its banking unit.

The board of India's Paytm Payments Bank is independent and capable of addressing regulatory concerns, the chief executive officer of digital payments firm Paytm, formally known as One97 Communications Ltd, (OCL) said on Monday.

Beleaguered Paytm Payments Bank's managing director and CEO Surinder Chawla has resigned from the company, a regulatory filing said on Tuesday. Chawla's resignation comes amidst Paytm Payments Bank facing prohibitory action from banking regulator RBI.

Indian digital payments firm Paytm, formally known as One 97 Communications, was on Thursday granted a third-party application provider license by the country's payments authority, which will enable it to facilitate payments after its banking unit ceases operations.

Paytm, a major player in India's fintech scene, is facing a setback as its banking arm, Paytm Payments Bank Ltd (PPBL), is stopping key services from today.

Indian digital payments firm Paytm plans to cut close to 20 percent of staff at its banking unit amid uncertainty over the unit's future due to a looming central bank deadline for it to halt most operations, two sources said.

Paytm Payments Bank will stop offering services like accepting deposits and processing credit transactions starting March 15, as directed by the Reserve Bank of India.

Google and Walmart Inc. are rapidly gaining customers from India's Paytm, the fintech pioneer struggling to navigate central bank restrictions and the potential shutdown of a key payments affiliate.

India's Financial Intelligence Unit (FIU) on Friday imposed a penalty of Rs. 5,49,00,000 ($662,565) on Paytm's banking arm, Paytm Payments Bank, for violations in reporting illegal money routed through its accounts, the country's finance ministry said.

Payments firm Paytm on Friday cut some ties with its payments bank unit, which India's banking regulator has ordered to be wound down, in its latest attempt to address compliance concerns that triggered a meltdown in its shares last month.

The reason behind merchants' confidence is the fact that a Paytm representative reached out to them after the RBI decision.

Digital payments firm Paytm said on Monday that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank's unit.

India's troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular Unified Payments Interface (UPI), two sources aware of the development told Reuters.