Saturday, May 18, 2024
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The agency looked into over 50 lakh accounts and wallets but didn't find any breaches of foreign exchange rules.

RBI, however, did not name the card network but said that only one card network has operationalised this arrangement of enabling businesses to make card payments through certain intermediaries to entities that do not accept card payments.

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

RBI Governor Shaktikanta Das said that RBI will soon issue a set of Frequently Asked Questions (FAO) targeting inconveniences and difficulties being faced by customers and depositors.

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.

Vivek Joshi stated that Paytm Payments Bank Ltd (PPBL) is a small financial entity and there are no systemic stability concerns.

An uphill task and a migration nightmare await the fintech giant as it must retain a customer base which chose the platform for the USP that it no longer has

The company's market capitalisation (mcap) also eroded by Rs 9,646.31 crore to Rs 38,663.69 crore in early trade

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

The projected growth of the fintech market to USD 2.1tn by 2030 is driven by AI and machine learning-driven business models