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The two employees allegedly used their access privileges to bypass restrictions on frozen accounts, allowing funds to be withdrawn unlawfully.
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Regulator has to take action when it sees that practices are not appropriate or are lax, Kamath said.
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The RBI had restricted Paytm Payments Bank from accepting deposits or facilitating credit transactions in customer accounts, including prepaid instruments and wallets.
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Paytm shares surged over 8 percent, driven by high trading volumes and no announcement of GST levy on UPI transactions below Rs 2,000.
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Had PPBL played by the book, Vijay Shekhar Sharma could perhaps have built a pan-India bank riding on the popularity of the Paytm brand and tapping the government’s fintech push. In that sense, it is a wasted opportunity.
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The sharp rise comes after the circuit filter for the stock has been revised upwards to 10 percent from 5 percent earlier.
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The entire flow of Paytm transactions is happening through us without any problem, Kumar said .On March 15, Moneycontrol reported that Yes Bank and Axis Bank are going live on Paytm app.
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Paytm aims to focus on a distribution-only credit model, targeting prime and super-prime customers, while also offering larger ticket business loans.
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Paytm on May 22 reported net loss of Rs 550 crore in Q4FY24, a 3.2X jump, as its margins took a hit post RBI’s crippling ban on its associate company, Paytm Payments Bank (PPBL) on January 31
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The resignations come after President and COO Bhavesh Gupta, a close confidante of founder Vijay Shekhar Sharma, resigned from his position last week and transitioned to an advisory role.
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In the last six months, Paytm shares have plunged 62 percent. After the latest decline, Paytm's market capitalisation has fallen to Rs 21,223 crore.
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Banks need to scale up investment in strengthening the technology before launching products to ensure their platforms can handle volume without inconveniencing the customer. Repeated glitches will distance even the loyal customers from a bank and prompt them to look for better options
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Gupta tendered his resignation from the company citing personal reasons, Paytm said in a disclosure to stock exchanges on May 4.
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The announcement comes barely a few days before the company is set to announce its Q4 results, which is expected to be bad because of the regulator's restrictions on its associate firm, Paytm Payments Bank Limited (PPBL)
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Barsagade’s exit from PPBL comes almost a week after chief operating officer Surinder Chawla quit citing personal reasons and also to pursue 'better career prospects'
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Paytm parent One 97 Communications confirmed that it has terminated 'nearly all agreements' between the company and Paytm Payments Banks.
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One 97 Communications confirmed that it has terminated 'nearly all agreements' between the company and Paytm Payments Banks.
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The development comes almost two months after the fintech temporarily halted new loan disbursements, as its partner banks and NBFCs sought more clarity on RBI’s directive regarding its banking partner entity—PPBL
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"The impact on financial business further suppress the revenue growth and profitability," the brokerage said as it maintained a 'neutral' rating on the stock with a target price of Rs 530 per share
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No further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15
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Increase in work load, fear of bank losing licence and shifting of many employees from backend IT operations to the QR code division, which requires visiting merchants on ground, among reasons.
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On January 31, the RBI had imposed major business restrictions on PPBL citing major irregularities in regulatory compliance for years. Here is a list of services that will stop or will remain operational after the March 15 deadline
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Paytm had partnered with Axis Bank, Yes Bank and HDFC Bank for TPAP partnerships earlier. The fintech is in talks with Axis, Canara, Yes and Kotak Mahindra Bank to migrate merchant accounts from payments bank.
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Moneycontrol reported that Paytm had partnered with Axis Bank, Yes Bank and HDFC Bank for TPAP partnerships earlier.
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NHAI's advisory is in line with the guidelines issued by RBI regarding restrictions on Paytm Payments Bank
