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NPCI likely to approve third-party application license for Paytm this week UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks The National Payments Corp of India (NPCI) is likely to approve a third-party application provider (TPAP) license for Paytm, formally known as One 97 Communications, by March 15, three sources directly aware of the development said on Tuesday. The third-party application provider license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), even as its banking arm, Paytm Payments Bank, ceases operations by March 15, following regulatory action due to issues of non-compliance. UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks. ©SHIRSENDU KARMAKAR #NPCI #Paytm

NPCI likely to approve third-party application license for Paytm this week UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks The National Payments Corp of India (NPCI) is likely to approve a third-party application provider (TPAP) license for Paytm, formally known as One 97 Communications, by March 15, three sources directly aware of the development said on Tuesday. The third-party application provider license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), even as its banking arm, Paytm Payments Bank, ceases operations by March 15, following regulatory action due to issues of non-compliance. UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks. ©SHIRSENDU KARMAKAR #NPCI #Paytm

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Paytm discontinues inter-company agreements with its payments bank Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated India's Paytm and its payments bank unit have mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies, the embattled payments firm said on Friday.   Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated.   The payments bank agreed to simplify the shareholders' agreement to "support (Paytm Payments Bank's) governance, independent of its shareholders," the company said.   Paytm CEO Vijay Shekhar Sharma owns a 51% stake in Paytm Payments Bank while Paytm owns the rest.   The move came days after Sharma stepped down as non-executive chairman and board member of the payments bank unit, as part of a major overhaul that follows a central bank clampdown. ©SHIRSENDU KARMAKAR #Paytm

Paytm discontinues inter-company agreements with its payments bank Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated India's Paytm and its payments bank unit have mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies, the embattled payments firm said on Friday.   Paytm, formally known as One 97 Communications, did not specify what agreements were being terminated.   The payments bank agreed to simplify the shareholders' agreement to "support (Paytm Payments Bank's) governance, independent of its shareholders," the company said.   Paytm CEO Vijay Shekhar Sharma owns a 51% stake in Paytm Payments Bank while Paytm owns the rest.   The move came days after Sharma stepped down as non-executive chairman and board member of the payments bank unit, as part of a major overhaul that follows a central bank clampdown. ©SHIRSENDU KARMAKAR #Paytm

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In 2 days, Paytm erases $2 bn in market value as RBI action spooks marketPaytm is now down about 77 per cent from its initial public offering in 2021 Paytm’s shares plunged 20 per cent for a second day, continuing a slump triggered by India’s central bank banning much of its business.   Regulatory troubles for the digital payments giant are mounting after the Reserve Bank of India ordered its unit Paytm Payments Bank Ltd. to stop many of its activities, citing persistent non-compliance and supervisory concerns. A conference call held after market hours on Thursday failed to inspire investor confidence. At least five brokerages, including JPMorgan Chase & Co. and Citigroup ©SHIRSENDU KARMAKAR #Paytm

In 2 days, Paytm erases $2 bn in market value as RBI action spooks marketPaytm is now down about 77 per cent from its initial public offering in 2021 Paytm’s shares plunged 20 per cent for a second day, continuing a slump triggered by India’s central bank banning much of its business.   Regulatory troubles for the digital payments giant are mounting after the Reserve Bank of India ordered its unit Paytm Payments Bank Ltd. to stop many of its activities, citing persistent non-compliance and supervisory concerns. A conference call held after market hours on Thursday failed to inspire investor confidence. At least five brokerages, including JPMorgan Chase & Co. and Citigroup ©SHIRSENDU KARMAKAR #Paytm