Fir jaroor doob jayega Paytm
Axis Bank open to working with Paytm if RBI permits, says MD & CEO Amitabh Chaudhry
RBI on February 1 barred Paytm Payments Bank Ltd from accepting fresh deposits and making credit transactions.www.moneycontrol.com
Birds of the same feathers flock together š
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Paytm now tieup with 3rd party banks to continue Paytm Payment Gateway business
- Thread starter Abhishek012
- Start date
Working as nodal bank
Will replace Paytm Payments Bank as default account for Paytm users. Axis is trying to capture market share how it tried with its credit cards. š
That won't be a permanent wedding as One97 will to get banking licence again in some other name soon in order to keep their margin intact & then will replace it.
AlgoTrader
TF Ace
My vote is for 1 & 3 . We can do all the political bashing, but this is non compliance out of pure arrogance of "too big to fail"
This is all fire fighting, no long term plan.
They should have learnt from ban on Amex and HDFC. No player is bigger than the game.
chandra.prakash
TF Premier
After tie-up with third party bank, Paytm join the family with Gpay, phone and other UPI app, let's see what's about the customer service, because it's customer support is very bad.
AlgoTrader
TF Ace
exactly and I wish they do it again for hdfc for their arrogance and malpractice of showing one card and providing another
#Exclusive After Paytm Payments Bank and a set of lending companies, Reserve Bank of India has now come hard on fintechs offering commercial/corporate cards. According to three sources, RBI has asked Visa and Mastercard to stop transactions of vendor payments.Paytm now tieup with 3rd party banks to continue Paytm Payment Gateway business:
Update: Paytm Payments Bank Limited, an associate of Paytm receives RBI directions. Paytm to expand its existing relationships with leading third-party banks to distribute payments and financial services products. Read more here:
Sub: Disclosure under Regulation 30 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015
Dear Sir/ Maāam,
The Company would like to update that it has been informed by its associate entity, Paytm Payments Bank Limited (āPPBLā), that the Reserve Bank of India (āRBIā) vide its press release dated January 31, 2024 has given it further directions under section 35A of the Banking Regulation Act, 1949. PPBL is taking immediate steps to comply with RBI directions, including working with the RBI to address their concerns as quickly as possibl
We are enclosing herewith a press release to be issued by the Company in this regard. The Company will hold a conference call on Thursday, February 1, 2024 from 3:30 p.m. (IST) to 4:15 p.m. (IST) regarding the same.
Please see below the mandatory pre-registration link for attending the call:
Video Conferencing, Web Conferencing, Webinars, Screen Sharing
Zoom is the leader in modern enterprise video communications, with an easy, reliable cloud platform for video and audio conferencing, chat, and webinars across mobile, desktop, and room systems. Zoom Rooms is the original software-based conference room solution used around the world in board...paytm.zoom.us
This is for your information and appropriate dissemination. The disclosure will also be hosted on the Company's website viz. www.paytm.com. Kindly take the same on record.
Thanking you
Yours Sincerely,
For One 97 Communications Limited
Paytm Payments Bank Limited (āPPBLā), an associate of OCL (One 97 Communications Limited), receives RBI directions. OCL to expand its existing relationships with leading third-party banks to distribute payments and financial services products.
The Company (OCL) would like to update that it has been informed by its associate, Paytm Payments Bank Limited (āPPBLā), that the Reserve Bank of India (āRBIā) vide its Press Release dated January 31, 2024, has given it further directions under section 35A of the Banking Regulation Act, 1949. PPBL is taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns as quickly as possible.
The Company has been informed that this does not impact user deposits in their savings accounts, Wallets, FASTags, and NCMC accounts, where they can continue to use the existing balances.
OCL, as a payments company, works with various banks (not just Paytm Payments Bank), on various payments products. OCL started to work with other banks since starting of the embargo. We now will accelerate the plans and completely move to other bank partners. Going forward, OCL will be working only with other banks, and not with Paytm Payments Bank Limited. The next phase of OCLās journey is to continue to expand its payments and financial services business, only in partnerships with other banks.
We offer acquiring services to merchants in partnership with several leading banks in the country and will continue to expand third-party bank partnerships. The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. OCLās offline merchant payment network offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine, will continue as usual, where it can onboard new offline merchants as well.
With regard to the direction on termination of nodal account of OCL and Paytm Payments Services Limited (PPSL) by February 29, 2024, OCL and PPSL will move the nodal to other banks during this period.
OCL will pursue partnerships with various other banks, to offer various payment products to its customers.
OCLās other financial services such as loan distribution, insurance distribution and equity broking, are not in any way related to Paytm Payments Bank Limited and are expected to be unaffected by this direction.
Depending on the nature of the resolution, the Company expects this action to have a worst case impact of Rs. 300 to 500 crores on its annual EBITDA going forward. However, the Company expects to continue on its trajectory to improve its profitability.
Separately, in response to market rumours, our founder has reconfirmed to us that he has not taken any margin loans, or otherwise pledged any shares that are directly or indirectly owned by him.
We would take this opportunity to clarify that as per banking regulations, Paytm Payments Bank Limited is run independently by its management and board. While OCL is allowed to have two board seats on the board of Paytm Payments Bank Limited, as a part of its shareholder agreement, OCL exerts no influence on the operations of Paytm Payments Bank Limited, other than as a minority board member, and minority shareholder.
While there has been no communication from Mastercard yet but Visa has sent out a communication to its fintech partners asking them to stop Business Payment Service Provider (BPSP) transactions.
The communication from Visa reads: "We have been directed by the regulator to ensure that all Business Payment Service Provider (BPSP) transactions be kept in abeyance till further notice. Hence, we kindly ask that all BPSP merchants/merchant ids registered by yourselves with Visa be immediately suspended till advised by us to the contrary. For avoidance of doubt, any transaction authorized prior to the communication would be settled in the ordinary course of business.
We kindly ask that you send us a confirmation at the earliest that such merchants/merchant IDs have been blocked and transactions ceased. Failure to adhere to these instructions could result in regulatory sanction and non-compliance assessment under the Visa rules."
A senior official, whose fintech is directly impacted by this decision, said, "There's some miscommunication or misrepresention to RBI, otherwise thereās no reason they would be doing this. This is coming from a point of view that thereās quite a bit of transactions happening in the ecosystem in the name of tuition fee, rental payments and the likes of it...which is becoming too large to manage. RBI's concerns might be the source of the money and where it is going."
"It's a kneejerk reaction by the RBI.
While we haven't got any official communication from RBI directly but what we have been told is that the RBI came to Visa and Mastercard and asked them to explain what is Business Payment Service Provider (BPSP) transactions. It is like either you come and explain this to us or stop these transactions."
Companies such as EnKash, Paymate among others operate in this segment.
"Our huge part of business came from this. As per industry estimates, spends happening on commercial cards at one point was somewhere about Rs 25000 crore per month, out of which 20%-25% was for vendor payments," the official quoted above claimed.
Dā¹V
TF Prestige
2024 won't be good for many š
pinki
TF Ace
Dā¹V
TF Prestige
Is this even a offer?
They just time passing with shit points.
Yes as a I said before it is a game being played by big fishes.. donāt get caught in between and get crushed..
Look at the co relation between the paytm share price and the news coming out on those respective days.. when the price tries to go up some kind of news comes out and forcing the price to hit lower circuit in the following sessions.
Somehow someone wants to keep the share price really really down to take the appropriate action at the right timeā¦
Of course VSS is largely at the fault for this fiasco.
But ultimately the destiny will be decided by someone else.. just watch the game and enjoy it as per your understandingā¦
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