Shares of Paytm fell another 20% Friday before hitting the lower circuit that temporarily halts trading as the Indian financial services firm reels from the clampdown by the central bank. Paytm fell to 487 Indian rupees, or $ 5.88 within minutes of the market opening, the lowest it has hit in 55 weeks. Paytm shares […]
India’s central bank weighs revoking Paytm’s payments bank licence
The Reserve Bank of India is discussing more penalties on Paytm Payments Bank and may reach a decision within days, two sources familiar with the matter told TechCrunch. The central bank has internally discussed revoking the payments bank licence of Paytm, the sources said, requesting anonymity as they are not authorized to speak to the […]
Paytm to terminate business with Paytm Payments Bank after central bank’s clampdown
Paytm said Thursday that it will cease working with its associate Paytm Payments Bank and accelerate plans to partner with other banks, after India’s central bank barred Paytm Payments Bank from conducting nearly all of its business activities due to supervisory concerns. The Noida-based financial services firm said it expects its loan distribution, insurance distribution […]
India’s central bank punishes Paytm Payments Bank with new curbs
The Reserve Bank of India issued new curbs against Paytm’s Payments Bank, which processes transactions for financial services giant Paytm, barring it from offering many banking services including accepting deposits, credit transactions, top-ups in customer accounts, prepaid instruments and wallets after February 29. Wednesday’s move follows the Indian central bank ordering Paytm Payments Bank to […]
Report: Kenyan and Nigerian Central Bankers Attack Cryptocurrencies but Endorse CBDCs
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to […]