Paytm intends to strengthen its leadership team to cultivate a sizable and profitable payment and financial services distribution enterprise. These seasoned leaders will collaborate closely with the CEO and other top-level executives to drive innovation, fortify the organizational structure.
Vijay Shekhar Sharma, CEO of Paytm, resigned as non-executive chairman and board member of Paytm Payments Bank due to regulatory challenges, including RBI's directive to wind down operations by March 15. The RBI's concerns stemmed from compliance issues and perceived proximity to Paytm.
On January 31, the RBI asked PPBL (Paytm Payments Bank Ltd) to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central bank extended the deadline till March 15.
Paytm news: The Paytm Payments Bank Business Correspondent (Bank Agent) can help you to withdraw money from your bank account upto the balance available in your account.
The RBI had restricted Paytm Payments Bank from taking deposits, credits, or processing top-up transactions in customer accounts due to persistent non-compliances.
Vijay Shekhar Sharma, the CEO of Paytm has reassured the users that the application will continue to function normally after the regulatory changes. Additionally, discussions with regulatory bodies are underway to ensure compliance and adherence to guidelines for UPI services.
This comes amid the RBI's order, which directed the bank to cease accepting deposits or top-ups in various customer accounts and instruments after February 29.
Paytm is actively collaborating with other banks to implement necessary changes in the backend for the continuity of its services.
The central bank's directive restricts Paytm Payments Bank from accepting deposits or top-ups after February 29.
The RBI had raised concerns about the creation of several accounts at Paytm Payments Bank without proper identification, suspecting potential money laundering activities.
"Ever since then, small boards with Quick Response (QR) codes have been put up outside these temples by Paytm. Rs 67 lakh have been received by the BKTC through these QR codes by way of donations," the temple authority said.
According to the scrutinizer report, 99.67 per cent votes were in favour of Sharma's re-appointment while only 0.33 per cent voted against the resolution.
Increasing its stake in its ongoing fight with Google, leading digital payments platform Paytm on Thursday announced a Rs 10-crore fund for mini apps developers in the country.
Founder and CEO of Paytm Vijay Shekhar Sharma said, in the last one year, under Jadhav's leadership, the team at Paytm Money has built an entire organisation, product, and business grounds up.
Charges under the provisions of the Information Technology Act have also been pressed against the accused, the police said.
Three Paytm employees arrested for allegedly stealing data, confidential information and blackmailing owners for Rs 20 crore, says Noida Police.
India might not be the one of the world's richest countries, but it has produced some of the richest businessmen. The country is home to thousands of millionaires, most of whom are business tycoons.
In his new role Amit Sinha, as the Chief Operating Officer, will be responsible for overall operations of Paytm Mall
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