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TLDR:
– The Reserve Bank of India barred Paytm Payments Bank from routine activities due to non-compliances.
– Concerns have been raised across the fintech sector about the central bank’s directive.
It has dominated business news cycles for the past month. The Reserve Bank of India recently barred Paytm Payments Bank from undertaking any routine activity, triggering concern across the fintech sector. The central bank’s directive came after persistent non-compliances by the payments bank associate of One97 Communications.
Key Points:
Paytm’s Rise and Fall:
Paytm, one of India’s poster children for financial inclusivity, faced issues leading to the Reserve Bank of India’s directive. The company’s rise and fall have highlighted challenges in the fintech sector.
Reserve Bank of India Concerns:
The RBI’s directive was a result of persistent non-compliances and material supervisory concerns regarding Paytm Payments Bank. This move has triggered broader concerns in the fintech industry in India.
Interview with Indrajit Gupta:
Indrajit Gupta, a veteran business journalist and founder of Foundingfuel, shared insights into Paytm’s issues and the RBI’s concerns. His perspective sheds light on the challenges facing fintech companies in India.
Overall, Paytm Payment Bank’s debacle serves as a cautionary tale for the fintech sector in India, emphasizing the importance of regulatory compliance and sound business practices.
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