Paytm Payments Bank suspends support for cryptocurrency exchanges: Why banks in India are retreating from digital currencies
In March 2020, the Supreme Court quashed RBI ban and allowed banks to handle cryptocurrency transactions from exchanges and traders.
National Payments Corporation of India brings onboard new members as part of its shareholding party.
Paytm Payments Bank Ltd announced on Wednesday it will now start issuing Visa virtual debit cards to its customers
Paytm Payments Bank Limited (PPB) on Thursday said it has turned profitable within its second year of operation, reporting a profit of Rs 19 crore for the financial year 2018-2019
Paytm Payments Bank to offer risk-free insurance, mutual fund products by June; savings accounts touch 4.4 crore
Paytm Payments Bank was incorporated in August 2016 and formally began its operations in May 2017 from a branch in Noida.
Amazon begins doorstep verification of KYC services for e-wallet users; cost of operations to burn hole in firm's pocket
The Unique Identification Authority of India (UIDAI), the Aadhaar issuing authority had asked digital wallets and mutual funds registrars to stop using Aadhaar data
Paytm Payments Bank Ltd in June last year was asked to stop adding new customers after an audit by the RBI that made some observations about the bank's KYC processes
Paytm Founder Vijay Shekhar Sharma holds 51 percent share in Paytm Payments Bank, while the rest is held by One97 Communications.
Satish Kumar Gupta brings over 35 years of leadership experience to Paytm Payments Bank, with prior senior roles at SBI and NPCI, the company said in a statement.
The government-backed India Post Payments Bank is set to go live with 650 branches and 3,250 access points across the country on 1 September
With this deal, Buffett's investment firm joins Japanese giant SoftBank that had last year bought a reported 20 percent stake in Paytm for an estimated $1.4 billion (over Rs 9,000 crore).
Paytm was reportedly asked to remove Renu Satti as the chief executive of its payments bank, with the RBI raising objections about her ability to lead a banking services firm.
With the PPB Digital debit card, customers will now be able to transact at all merchants who accept credit and debit cards.
Payments banks are niche banks that were allowed by the Reserve Bank of India in a bid to expand access to financial services in Asia third-largest economy.
Here are all the FAQs you may have about the new Paytm Payments Bank that was launched today in India.
Backed by Chinese firm Alibaba and Japanese conglomerate SoftBank, Paytm has earmarked initial investment of Rs 400 crore to build its banking network over two years.
If your account has been inactive for last six months or has zero balance, then it will be transferred to PPB only if you give consent
Sharma expressed belief that with greater penetration of mobile Internet connectivity, his business will grow further.
The deal is expected to pave the way for the much-awaited entry of Alibaba into India, where the Chinese firm will go head-to-head with American online retail giant Amazon and homegrown player Flipkart.
Paytm was earlier slated to begin operations around Diwali last year.