Tuesday, November 5

Tag: KYC

Know Why RBI Banned Paytm Payments Bank to Open New Accounts
20Dec By Gauri SinghNo Comments
INDIA

Know Why RBI Banned Paytm Payments Bank to Open New Accounts

It had been reported that RBI had banned Paytm’s payments bank from opening new accounts and e-wallets in August. Want to know why? We have the answer. RBI for the first time has disclosed the reasons behind the move. The four reasons! The apex financial authority of India said that the Noida-based company was in violation of know-your-customer (KYC) rules while on-boarding users. These precise violations are not clear. Secondly, it has also been stated that the RBI was also not contended with the close relations between Paytm founder Vijay Shekhar Sharma’s One97 Communications and the entity that runs Paytm Payments Bank (PPB). The bank is owned 51% by Paytm owner, while the rest is owned by One97 Communications and its subsidiaries. The a...
Read More
21 Lakh Company Directors Failed to Comply to Government’s KYC
17Sep By Gauri SinghNo Comments
INDIA

21 Lakh Company Directors Failed to Comply to Government’s KYC

The government recently came up with the move of identification of the directors of the companies through KYC and as many as 21 lakh out of 33 lakh directors of companies failed to comply with KYC norms. With this, the government has started the process of de-activating their identification numbers. The Director Identification Numbers (DINs) is a unique number allotted to individuals who are eligible to have directorship on the boards of registered companies, and this number is going to be deactivated by the government. These will be re-activated only when the companies pay a fee of Rs 5,000 along with the requisite form and the individuals concerned might also face action. This move by the Corporate Affairs Ministry is surely going to toughen the situation of the companies that are ...
Read More
Tax Dept Launches Prompt e-PAN on The Basis of Aadhaar
30Jun By Gauri SinghNo Comments
INDIA

Tax Dept Launches Prompt e-PAN on The Basis of Aadhaar

India’s tax department has now launched the provision of e-PAN occurring immediately. This move is anticipated to bring down the interaction with the department and assist the taxpayers in creating the permanent account number (PAN) without facing any difficulty. This provision of the tax department is totally free of cost and the taxpayers can log on to the income tax portal to create their e-PAN. The people are not required to submit any documents, instead, the e-PAN will be generated on the basis of details available in the user’s Aadhaar card. “Thanks to the elevated use of technology and digitization adopted by the government in the tax department, it is now resulting in truly convenient and paperless interface with taxpayers. One may expect more of such initiatives in the coming ...
Read More
RBI to Introduce Mobile Wallet Interoperability Soon
11Jun By Lavina TolaniNo Comments
News

RBI to Introduce Mobile Wallet Interoperability Soon

While the mobile wallet industry is emerging at an impressive pace in India, it now is looking actively for the Reserve Bank of India to release interoperability guidelines for the industry. Notably, RBI's master directions on Mandatory KYC compliance (Issuance and Operation of Pre-paid Payment Instruments) that came in October 2017 had proposed digital wallets to become interoperable within six months. However, the following discussions with stakeholders had postponed the decision. If sources are to be belived RBI is now determined to bring wallet interoperability rules in a month with a delay of two months after the deadline A report quoting bankers published by ET said, The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wal...
Read More
Paytm Plans to Empower Rural Women in Financial Services
23May By Sheldan RungasamyNo Comments
News

Paytm Plans to Empower Rural Women in Financial Services

In an effort to encourage digital transition in rural areas of India, Paytm Payments Banks announced a programme named “Paytm AshaKiran” which aims at educating women hailing from the countryside about financial service and therefore create new employment opportunities in less developed regions of India. The first phase of this programme will consist of collaborating with the United Nations Development Program (UNDP) under its Disha project which is also supported by the IKEA Foundation and women-related organizations like SHEROES. The goal is to “mobilize self-help groups and organize workshops” in smaller cities and towns in the states of Maharashtra, Karnataka, Haryana, Andhra Pradesh and Uttar Pradesh. The initiative will develop rural women skills via a training programmes where...
Read More
Paytm Launches Recurring Payments Feature “My Payments”
14May By Lavina TolaniNo Comments
News

Paytm Launches Recurring Payments Feature “My Payments”

Adding another feature to its Kitty, Digital Payment Major Paytm has come up with an automatic recurring payments feature that will allow recurring, high-value payment and other monthly expenses to happen in an instant. Titled as "My Payments", the feature enables bank transfers from/to bank account making it easier to make payments at no charge. Even non-KYC Paytm users can avail the facility.   Deepak Abbot, Senior Vice President, Paytm said, Our customers make regular recurring payments such as house rent, maid/driver’s salary, milk or newspaper vendor payments online. This has led to a major surge in our bank transfer service. We have now simplified these payments with ‘My Payments’ and are expecting 6X growth owing to this rapid shift in consumer behaviour in favour of ...
Read More
Paytm Will Invest $745 Million in Its Financial Services
7May By Sheldan RungasamyNo Comments
News

Paytm Will Invest $745 Million in Its Financial Services

Paytm, the digital payments giant is ready to bring its service to the next level with investment plans of over $745.16 Mn (INR 5,000 crore) in its central business. In an interview with ET, Founder and CEO of Paytm, Vijay Shekhar Sharma announced that the company is targeting to double the amount of transactions it records every quarter to 2 billion by the end of 2018. To achieve this target, Paytm will invest $745.16 Mn in payments and predominantly in the financial services. The focus on financial services is because “customer lifecycle is getting to the next level of maturity.” “It’s a logical extension as we worked on commerce last year like travel and ticketing, where we are just a few notches below market leaders. Our obligation will always remain to increase the market size ...
Read More
Paytm App Undergoes Major Makeover!
3Apr By Sheldan RungasamyNo Comments
News

Paytm App Undergoes Major Makeover!

Paytm, the Indian payment gateway mammoth, has redesigned its app to make it more user friendly and spontaneous. The application update allows users to personalize the app and provide a better overall experience to the user by displaying the most used ways of customizing the app. Transferring money is also something that the Paytm engineers worked heavily upon by making it easier, simpler and faster. Furthermore, now Paytm will also offer instant transfers from a user’s Paytm Payments Bank account or Paytm wallet to any other bank without charge. The major feature of this new look is the possibility to make bank-to-bank transactions under the section of ‘Money Transfers.’ The payment gateway app provisioned a budget of Rs 250 crore to endorse money transfers and presumes that this new o...
Read More
Hike, Airtel Payments Bank Tie-Up For Mobile Wallet
22Nov By Press Trust of IndiaNo Comments
News

Hike, Airtel Payments Bank Tie-Up For Mobile Wallet

Messaging app Hike today said it has tied up with Airtel Payments Bank to power its mobile wallet product. Hike users will have access to the bank?s vast product line including merchant and utility payments, it added. The SoftBank-backed app, which has over 100 million registered users, saw over 30 per cent month-on-month growth for its wallet service. "Through this partnership, Airtel Payments Bank gets access to over 100M (million) users on Hike and will begin powering the Hike Wallet product," Hike said in a statement. Hike Messenger VP (Product) Pathik Shah said the company has seen tremendous traction on the wallet over the last few months, most of it being organic. It is on track for over 5 million transactions this month with services like Recharge and peer to peer transa...
Read More
Mobile Wallets Will Become Strong Players: Paytm Official
27Oct By Press Trust of IndiaNo Comments
ANALYSIS

Mobile Wallets Will Become Strong Players: Paytm Official

Mobile wallets will become strong players in the financial ecosystem as the RBI guidelines on prepaid instruments will allow more features like unlimited transfer of funds between a bank account and a wallet, a top official of Paytm Payments Bank said. Paytm Payments Bank MD-CEO Renu Satti said the RBI guidelines released this month will enable mobile wallets to gain access to more functionalities like unlimited transfer of funds between a bank account and a wallet and higher limit of up to Rs 1 lakh for money transfer to beneficiary accounts. She added that as part of Paytm Payments Bank, customers get the convenience of wallets and can earn interest on their deposits by transferring money from the wallet to their payments bank account. "This will further strengthen the value propo...
Read More
Cost of New Mobile Connection Could be Zero Using Aadhaar eKYC
10Apr By AdityaNo Comments
News

Cost of New Mobile Connection Could be Zero Using Aadhaar eKYC

Trai Chairman R S Sharma Friday said cost of activation of a new mobile connection can virtually come down to zero if electronic KYC of Aadhaar is implemented as authentication will be done digitally. He said transaction costs are reduced substantially when Aadhaar is used as an authentication tool. "If you are taking a mobile connection, currently the cost of activation of a mobile customer is Rs 150 because you have to fill a customer acquisition form (CAF), you have to give paper documents... if you use digital identity authentication, you can fill the customer form, digitally sign it and get your electronic KYC. So, essentially the cost is equal to zero," Sharma said at the annual growth Net summit in New Delhi. Sharma has made recommendations to the Department of Tele...
Read More