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There have been around 30 acquisition deals in the Indian Fintech space in 2023 as compared to 37 and 29 deals in 2022 and 2021 respectively.

The development comes on the heels of the RBI initiating regulatory actions against Paytm Payments Bank.

African mobility fintech start-up, Moove utilises its alternative credit-sourcing technology to offer vehicle financing to mobility entrepreneurs.

Reserve Bank earlier said that the particular action is against Paytm Payments Bank and is not to be confused with Paytm App...The app is not impacted by this action.

National Payments Corporation of India shared the information on social media platform X saying its systems are working fine and the entity is working with these banks to ensure quick resolution

BharatPe has issued a statement saying the Registrar of Companies has asked for the information and the fintech is cooperating with the authority.

The acquisition, structured as a mix of cash and stock, is set to proceed towards closure, the company said.

Paytm said PPBL is taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns as quickly as possible

The Reserve Bank's action against Paytm Payments Bank Ltd (PPBL) follows a comprehensive system audit report and subsequent compliance validation report of the external auditors

Japanese multinational investment firm SoftBank's stake in One97 Communications was close to 7.01 percent last year, which has now decreased to 5.06 percent after this sale