6:10 AM
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5:10 AM
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6:10 AM
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Paytm's daily app downloads on Google Play Store dropped to 1.4 lakh amid regulatory scrutiny, while PhonePe's surged to 5.5 lakh post-RBI restrictions on Paytm Payments Bank. BHIM and Google Pay also saw increased downloads. PhonePe led with 40 lakh total downloads across platforms, followed by BHIM. Paytm's stock price dipped after RBI's curbs on PPBL.
5:10 AM
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RBI indicated ongoing issues beyond KYC compliance with Paytm Payments Bank, with restrictions unlikely to be lifted. The regulator clarified the ban applies to PPBL and the digital wallet but not the UPI app. RBI emphasized bilateral engagement and corrective actions before resorting to business restrictions, highlighting the importance of consumer protection and systemic stability.
1:10 PM
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RBI MPC Meeting: The Reserve Bank of India (RBI) kept the key policy rate - repo rate- unchanged at 6.5% after the Monetary Policy Committee (MPC) meeting. Monetary policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission. The MPC will remain resolute in its commitment to aligning inflation to the target.
10:10 AM
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6:10 AM
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The parent company of Paytm, One97 Communications, saw its shares rise for a second day on Wednesday, reaching the 10% upper circuit. The stock increased in anticipation that third-party UPI app services will continue even in the event that Paytm Payments Bank (PPBL) restrictions were maintained. The company's shares increased 3% on Tuesday and closed 10% higher at Rs 497.
5:10 AM
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Finance Minister Nirmala Sitharaman stated that retail inflation is stable and within the central bank's tolerance band. She addressed the Opposition's criticism regarding rising inflation, poverty, and unemployment. The government has taken measures to control onion prices and increase buffer size. 'Bharat dal' was launched to provide pulses at concessional rates. The Interim Budget was approved in Lok Sabha.
5:10 PM
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HDFC Bank has updated its loan interest rates, impacting various tenures. The Marginal Cost of Funds-Based Lending Rates (MCLR) now range from 8.90% to 9.35%. The Base Rate is 9.25% and the Benchmark Prime Lending Rate is 17.85% per annum.
5:10 AM
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2:10 PM
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Paytm's competitors in the fintech industry are actively seeking to hire tech and sales professionals from Paytm, capitalizing on the central bank's crackdown on Paytm's payments bank unit. Recruitment services firms have observed a significant interest in Paytm's talent pool, particularly for product and technology professionals.
6:10 AM
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For the third consecutive session, Paytm's stock plummeted by 10% on Monday, hitting the lower circuit amidst concerns regarding its payments bank operations. Meanwhile, competing payment firms set their sights on Paytm's merchant business, adding to the uncertainty surrounding the company. Furthermore, speculation swirled in the equity markets regarding Mukesh Ambani's Jio Financial Services potentially acquiring Paytm's operations.
6:10 AM
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A collective of startup founders has penned a letter to RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman, urging the regulator to "reassess" its imposition of stringent limitations on Paytm Payments Bank's operations. The move marks a notable departure from the norm, as it is uncommon for companies and their founders to petition a financial regulator, particularly the RBI, for a review.
3:10 PM
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Money laundering concerns and questionable dealings of hundreds of crores of rupees between popular wallet Paytm and its lesser-known banking arm had led Reserve Bank of India to clamp down on tech poster boy Vijay Shekhar Sharma-run entities, according to sources.
9:10 AM
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Federal Reserve Chair Jerome Powell explained the central bank's rationale for interest rate cuts to a broader audience in an interview with CBS's 60 Minutes. He stated that Americans may have to wait beyond March for rate cuts, as more economic data is needed to confirm inflation heading down to 2%.
4:10 AM
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The Reserve Bank of India (RBI) is anticipated to maintain interest rates following the conclusion of its monetary policy committee's meeting on February 8th. Despite the significant reduction in the government's fiscal deficit in its interim Budget on February 1st, which has enhanced the potential for an earlier-than-expected rate cut, most bankers and economists predict that the RBI will opt for a status quo.
12:10 AM
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The Enforcement Directorate is not investigating One97 Communications or its Founder and CEO Vijay Shekhar Sharma for money laundering. Paytm denies any involvement in anti-money laundering activities and states that it has always cooperated with authorities during investigations. The recent RBI order has barred Paytm Payments Bank Ltd from conducting certain transactions after February 29.
5:10 PM
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Experts predict that the Reserve Bank will continue to maintain the pause on the short-term lending rate in its upcoming monetary policy. The benchmark interest rate has been stable at 6.5% for almost a year. Retail inflation, though within the Reserve Bank's comfort zone, is still high. The retail inflation in the current financial year has declined after touching a peak of 7.44 per cent in July, 2023.
4:10 PM
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Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth. Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023.
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