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India's leading digital payments firm, Paytm, is grappling with a severe market downturn and regulatory sanctions, as its banking unit faces a crackdown by the Reserve Bank of India (RBI) over grave concerns involving money laundering and KYC (Know Your Customer) non-compliance. Consequently, the Bombay Stock Exchange and the National Stock Exchange have halved the daily share trading limit for Paytm to 10%, following a massive $2 billion loss in market value, plummeting to $3.7 billion.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/S75QJLP
The RBI has issued a warning to the public regarding fraudulent activities masquerading as know your customer (KYC) updates. The central bank emphasized that individuals who have been targeted by such scams should promptly report the incidents through the cybercrime helpline (1930) or on the National Cybercrime Reporting Portal (www.cybercrime.gov.in). Additionally, the RBI has provided a list of recommended actions and precautions to take.
Jerome Powell pushes back on hopes of a March rate cut, showing confidence in the central bank's ability to control post-pandemic inflation surge. The S&P 500 tumbles and traders dial back bets on a March rate cut.
RBI orders Paytm Payments Bank to stop accepting money in customer accounts including wallets and prepaid instruments from March 1. The bank must also stop operating unit services under Bharat Bill Pay or fund transfers after February 29. This action is due to persistent non-compliance and supervisory concerns. RBI also terminates nodal accounts of One97 Communications and Paytm Payments Services.
Indian Highways Management Company (IHMCL), a subsidiary of the state-owned National Highways Authority of India (NHAI), will extend the deadline for KYC compliance for FASTags by one month, a senior government official said on Wednesday. Earlier on January 15, the NHAI said FASTags with valid balances but incomplete KYC will get deactivated by banks after January 31, 2024.
Chinese policymakers are stepping up efforts to support the economy and sliding markets amid concerns about a property crisis, deflation, and weak consumer confidence. Measures include providing more long-term cash for banks, tightening rules on share lending for short selling, and expanding developer access to loans. Additional support may be necessary to restore investor trust in China’s markets.
The combined market valuation of seven of the top-10 most-valued firms eroded by Rs 1.16 lakh crore last week, with HDFC Bank emerging as the biggest laggard. In the holiday-shortened week, the BSE benchmark fell by 982.56 points or 1.37%. The market valuation of HDFC Bank fell by Rs 32,661.45 crore to Rs 10,90,001.31 crore.
Rana Talwar, the first Indian and Asian to lead a global bank, passed away at the age of 76. He had been unwell for some time. Talwar began his career with Citibank in India in 1969 and played a crucial role in establishing Citi's consumer banking as a leading franchise in the nineties.
Yes Bank reports fourfold increase in net profit to Rs 231 crore, driven by lower provisions. The bank's operating profits declined due to modest growth in net interest income and increased operating expenses. Supreme Court to hear petition against stayed Bombay high court order on Yes Bank's write-down of Additional Tier 1 bonds.
