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Tag: Paytm Payments Bank

Paytm Payments Bank issued 6 Lakh FASTags in November
INDIA

Paytm Payments Bank issued 6 Lakh FASTags in November

Paytm Payments Bank (PPB) issued 6 lakh FASTags in the month of November, according to the company statement. The Ministry of Road Transport and Highways had announced that toll payments on highways would be accepted through FASTags only from December 1. This was later extended to December 15. In a statement, PPB said it sold 6 lakh tags in the month of November and claimed that it has equipped over 1.85 million vehicles with FASTags. The National Electronic Toll Collection (NETC) program, the flagship initiative of the Ministry of Road Transport and Highways, has been implemented on a pan-India basis in order to remove bottlenecks and ensure seamless movement of traffic and collection of user fee as per the notified rates, using passive radio frequency identification (RFID) tec...
Satish Kumar Gupta Apponited as the new Paytm Payments Bank CEO
News

Satish Kumar Gupta Apponited as the new Paytm Payments Bank CEO

Paytm Payments Bank has appointed veteran banker Satish Kumar Gupta as managing director and CEO. Gupta comes in after Renu Satti stepped down as CEO in July and moved on to head the company’s new retail business. Gupta was former deputy general manager at State Bank of India where he worked for over three decades. “I have been fortunate to experience the disruption and growth that the Indian economy has witnessed in promoting digital payments. I look forward to leveraging my understanding of banking and payments at Paytm Payments Bank and aligning myself to its vision of bringing financial inclusion through digital payments,” Satish Kumar stated. Paytm has been strengthening the compliance structure of its payments bank unit. Last month, it moved Rama Subramaniam Gandhi, an advisor t...
RBI Orders Paytm Payments Bank to Stop Enrolling New Customers
News

RBI Orders Paytm Payments Bank to Stop Enrolling New Customers

Following observations made by the Reserve Bank of India, Paytm Payments Bank has ceased the enrolment of new customers on its platform. This happened on 20th June post audit by RBI, which made particular observations about the procedure the company follows in taking over new customers and its adherence to know-your-customer (KYC) norms. Along with this, Paytm was also recently told to remove Renu Satti as the CEO of the payments bank, where the Reserve Bank of India raised objections about her ability to lead a banking services firm. RBI wants that a banker should run the payments bank. “RBI has directed Paytm Payments Bank to stop onboarding of new customers with immediate effect,” said a person familiar to the matter. Another person, a company executive, said that Paytm is modifying...
Paytm Plans to Empower Rural Women in Financial Services
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...
Paytm Will Invest $745 Million in Its Financial Services
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 ...
Paytm Payments Bank, IndusInd Tie-up For Fixed Deposit Facility
News

Paytm Payments Bank, IndusInd Tie-up For Fixed Deposit Facility

NEW DELHI: Paytm Payments Bank on Saturday said it has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of day. Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges and can earn up to 6.85 per cent annual interest, the company said in a statement. Additionally, if a customer becomes a senior citizen before the maturity period, the account will be auto renewed under the senior citizen scheme, thus earning higher interest, it added. "Majority of Indians prefer safer investment options that offer them higher earning potential. Our offering will add the much-needed convenience of zero paperwork, instant redemption and no charges to...
Mobile Wallets Will Become Strong Players: Paytm Official
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...
Paytm Payments Bank In Early Talks To Partner With Full-Service Banks
BUSINESS

Paytm Payments Bank In Early Talks To Partner With Full-Service Banks

India’s Paytm Payments Bank is in talks to partner with full-service banks to offer services such as loans and term deposits which it cannot do on its own due to regulatory restrictions, its chief executive told Reuters. 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’s third-largest economy where millions don’t have a bank account. RELATED Paytm Starts Payments Bank, Will Offer 4% Interest Rate     The payments banks can take savings deposits and remittances but are not permitted to lend. “Anything which we cannot offer, we will be partnering with the banks. Whether it’s going to be a loan, or a credit card, or a term deposit, and other services,” said Renu Satti, CEO o...
Paytm Payment Bank Received 218 Cr Funding From Vijay Shekhar Sharma & One97 Communications
FUNDING

Paytm Payment Bank Received 218 Cr Funding From Vijay Shekhar Sharma & One97 Communications

Vijay Shekhar Sharma, founder and CEO of Paytm & One97 Communications infused 218 Cr in its new venture Paytm Payments Bank. According to the report Vijay Shekhar will invest Rs 111 Crore and while One97 Communications Invest 107 Crore out of Rs 218 crore fresh capital. The payment bank will start operations this month from Uttar Pradesh. Earlier in January, Paytm received RBI nod to start the bank. Till date, Paytm Payments Bank has issued 2,18,000,000 shares to the three shareholders. In others, Airtel Payments Bank and India Post Payments Bank already launched their operations. In December Paytm CEO has sold his 1% equity of Paytm's parent firm One97 Communications for about Rs 325 crore. The amount he received will be invested in the payments bank. Sharma holds 51% stake i...