Tuesday, May 21, 2024
Outlook.com
Outlook India
Outlook Business

Upi

In the morning trade, the 30-share BSE Sensex benchmark slumped 288.71 points or 0.39 per cent, while NSE Nifty fell 71.55 points to 22,141.15.

Former chairman of SEBI M Damodaran, head of advisory committee set up by One97 Communications said they have been engaging with the group on matters relating to the Advisory Committee's terms of reference.

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.

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

An inter-ministerial committee is examining investments from China in PPSL and a decision will be taken on the FDI issue after due consideration.

Paytm stated in a blog post that it assures users the services will be available without any disruption. Additionally, it mentioned partnering with other banks to offer services following the RBI directive on its associate PPBL.

The advisory committee will be headed by former SEBI chairman M Damodaran, CA MM Chitale, and erstwhile chairman and managing director of Andhra Bank, R Ramachandran.

In 2023, the central government rejected the company's proposal for post-facto approval for investments made in another subsidiary called Paytm Payments Services Ltd (PPSL) over concerns about Chinese investments.

Addressing the reporters after the MPC statement, RBI's deputy governor Swaminathan J said the actions against the fintech have been taken due to persistent non-compliance.