The company is targeting to issue 10 million cards by the end of 2022.
The company, which reportedly engaged consultancy firm EY to conduct the audit, found out that some sellers were colluding with junior employees to earn the cashbacks, he added.
The Paytm First Card will offer 1 percent cashback on all transactions, unlike reward points offered by most rival credit cards in India.
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PPB, which was incorporated in August 2016, formally began its operations in 2017.
“Whoever has a better product, wins,” Kamath said.
The Reserve Bank of India proposes to put in place a framework on turnaround time for the resolution of customer complaints and compensation framework across all authorised payment systems by the end of June 2019.
As on date, the Paytm Payments Bank has 4.4 crore savings bank account with deposit of over Rs 400 crore; and there are as many as 26 crore wallet accounts.
While Paytm refrained from taking names, it is expected to be referring to the much talked about comeback of Sonia Dhawan to the company.
When Warren Buffet’s Berkshire Hathaway invested $300 million in Paytm last year, the company was valued at $10 billion
Dhawan, along with her husband Rupak Jain and an administration resource Devender Kumar, were arrested for allegedly being part of an extortion bid against Sharma in October.
The new app is latest addition to PPB’s digital banking inclusion effort of a large part of Indian customers.
Vasudevan was with Paytm Mall as the Vice President - Engineering before joining Paytm Money.
Jain is currently under judicial custody and his bail will be processed once the family gets a copy of the order.
Paytm has already found its footing in Canada and Japan, and several commerce and financial services verticals of the company have begun to churn out revenue and profits, Deora told the Reuters Global Markets Forum.
The company said it has acquired a customer base of nearly 13 million as of January 2019. It further said it is aiming for a two-fold growth in travel ticketing volume in 2019-20.
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Sakshi Batra gets in conversation with Priyanka Sahay to discuss Paytm Bank coming back to business, the payment bank's strategy going forward and more.
RBI had found slip-ups on Paytm's part regarding statutory norms during a regulatory audit six months ago, and was barred from getting new customers
Reason no 1: India Post is late to the party.
Giving a reference of a 1994 case of Joginder Kumar Versus state of Uttar Pradesh, the Allahabad High Court on November 12 directed that Chomwal, shall not be arrested, till credible evidence was collected by the investigation officer during investigation.
Sonia and the other three accused were charged under IPC Act - 381, 384, 386, 120B and 66 in the FIR. The same charges have been mentioned in the chargesheet hence the need for filing a fresh bail appeal wasn't immediately clear.