Wednesday, February 21, 2024
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Paytm

Since Friday, the Paytm stock has experienced a rebound, surging by over 21 per cent from Thursday's closing price of Rs 325.

Pine Labs criticized Paytm’s newspaper ads with a promotional tweet saying ‘Front- page ads can be bought. Trust cannot’

The agency looked into over 50 lakh accounts and wallets but didn't find any breaches of foreign exchange rules.

Rajeev Chandrasekhar said that the RBI order has drawn the attention of fintech players to the fact that the regulatory compliance is not an optional thing.

This direction came after the Indian Highways Management Company Ltd (IHMCL) barred Paytm Payments Bank from issuing fresh FASTags.

As of now, no irregularities have been detected and a case under FEMA will only be registered once any contravention under the said law is found.

Paytm said that the company and its associates have continued to provide information, documents, and explanations to the authorities as required by them.

The ED has initiated its inquiry against Paytm Payments Bank after the Reserve Bank of India had written to the agency about possible violations of FEMA rules by individuals and companies.

Page Group, a recruitment partner of Paytm, said the company is currently hiring for product and business positions. 

Paytm COO Bhavish Gupta said that the company will not be issuing new loans for "maybe a couple of weeks" before resolving operational challenges posed due to RBI restriction