Kapoor and his associate entities owned 10.6 per cent in the bank at the end of June 2019.
'The transition from payment banks to SFBs is only permissible for banks not owned by corporate entities.'
Ratan Tata was one of the world's most influential industrialists yet he never appeared on any list of billionaires. He controlled over 30 companies that operated in over 100 countries across six continents yet lived an unpretentious life. Ratan Naval Tata, who died at a Mumbai hospital on Wednesday night at the age of 86 years, enjoyed a perhaps unique status -- a corporate titan who was considered a 'secular living saint' with a reputation for decency and integrity.
Paytm has, since November 8, been on an overdrive, rolling out a series of features on its app including multi-language options for a no-holds barred access across the country. The company is now planning to make Paytm available on all types of mobile phones, going much beyond smartphones.
Paytm e-commerce plans to add close to a billion products from across the globe to its platform before the festive season this year.
To take on Amazon, Paytm e-commerce plans to add close to a billion products from all across the globe to its shopping cart.
With options ranging from recharging mobile, data card, DTH, toll card, to making bill payments for mobile, data card, landline and electricity, besides buying bus tickets for anywhere within the country, this free app is ideal for those on the go.
Accuses foreign-funded competition of 'capital dumping' to capture market, bats for stronger regulations for sector.
Paytm has been preparing for the sale for the past three months.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
Paytm, which recently hived off its e-commerce and payments bank businesses into separate companies, would use these fresh funds to bolster the two businesses
What explains Vijay Shekhar Sharma's optimism when other players have started to tread cautiously is Paytm's huge customer base: It has 120 million users and counting, says Nivedita Mookerji.
The Alibaba-backed company had introduced the fee on March 8 after it found multiple users using its platform to get free credit by using credit cards to top up their mobile wallets and then transferring the money back to their bank accounts at zero transaction cost.
The company is modelling its many ventures on Alibaba in China.
The deal gives a valuation of over $4 billion to Paytm, which is already backed by Alibaba group as a strategic investor.
Sai Manish & N Sundaresha Subramanian offer a fresh perspective on the digital wallet business.
The best way to achieve financial security isn't by cutting out every vada pav or limiting yourself to home-cooked meals; it's by making yourself indispensable at work, says Vatsal Ramaiya.
HDFC Bank has been conscious in not accepting high-cost deposits, which have resulted in slower growth in October-December, said Sashidhar Jagdishan, managing director and chief executive officer, during an interaction with Goldman Sachs recently. He said during times of tight liquidity, short terms hardened, as was the case in October-December. "Not only did we participate, but we also gave up which came up for maturity," he said.
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
Sleep has been a casualty for Vijay Shekhar Sharma, whose wallet company Paytm has a user base of close to 150 million and is working 20 hours a day.
The company, however, has not identified any of its officials despite mentioning that its employees facilitating refunds have been assigned specific login id and passwords, making it easier to identify those who processed which refunds
Major credit issuers, including the largest - HDFC Bank - have integrated their systems with the Bharat Bill Payment Systems (BBPS) for receiving credit card repayments via third-party applications.
The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity -- PPBL -- under the payments bank licence awarded to Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.
Paytm is just embarking on building a TaoBao like entity in India, it may want to address a challenge that the latter faced a few years after its launch.
As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the holiday-shortened week ahead, according to analysts. The domestic WPI inflation data for June -- scheduled to be announced on Monday -- will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram.
Day 2: Syed Firdaus Ashraf attempts to deposit Rs 500, 1,000 notes in his bank account.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Seeks to cut biz costs by 10% for sellers across 24 verticals, by slashing fees and delivery charges.
A source said the deal would see Alibaba invest around $600 million
In August, RBI allowed 11 business houses to start a payments bank.
Paytm's secondary share sale gave an opportunity to its employees - both former and current - to liquidate their vested Esops and earn around Rs 500 crore in total.
Alibaba will acquire 25 per cent stake in One97 Communications.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Recent RBI data indicates net addition of credit cards is running strong at 18 per cent year-on-year (Y-o-Y), but growth in credit card limits is ahead of loans outstanding. Growth in lower limit cards is decelerating fastest. The West and South have more usage and online transactions are more popular than offline, with metros leading growth.
Using the app, bank transfers can be done from/to any bank account, making it easier to make payments at no charge. Even non-KYC Paytm users can avail the facility.
Senior bankers point out that while they will eventually attract qualified professionals, onboarding them takes time.
The ministry of consumer affairs had sent notices to both the companies under the Emblems and Names (Prevention of Improper Use) Act of 1950, which bars use of prime minister's name and picture for commercial use.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
'We are against Alibaba investing in Paytm.' 'We are against the concessions given to Paytm.' 'In fact, we want Paytm to close down because of its alliance with Alibaba.'
'The committee has been constituted. Different government departments and FSDC members are part of it.'
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