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For Indian regulators,聽Paytm Payments Bank聽was apparently too close with its parent company.The Reserve Bank of India RBI this week announced it was聽suspending business聽at the bank 鈥?an arm of FinTech giant聽Paytm聽鈥?after an audit uncovered persistent noncompliances and continued material supervisory concerns. But a report Thursday Feb. 1 by Bloomberg News goes into mor stanley germany e detail about the closure, saying that the regulators move came after聽two years of warnings聽about the questionable relationship between Paytm and its banking business.Citing sources familiar with the matter, the report said the RBI audit found that money and data traffic flow between Paytm Payments Bank and the larger company that sparked accounting and supervisory problems.Sources said the RBI had warned Paytm about such issues but they were not resolved stanley cup usa . In addition, the regulator was also concerned by an overlap in management at the bank and the rest of Paytm, with the same executives making decisions on behalf of both organizations, leading to potential conflicts of interest.PYMNTS has contacted Paytm for comment but has not yet received a reply.While Paytm can appeal the ruling, the sources say the RBIs position is that it wants the company to no longer operate a payments bank.A separate report by Reuters Thursday notes that Paytms聽shares fell 20%聽following the RBI decision, with one source saying the companys license could be canceled.Paytm Payments stanley cup Bank first ran afoul of the RBI when the regulator Cjvi Grocers Use Self-Service Prepared Foods to Bring More Shoppers In Store
In rather short order, India has emerged as one of the worlds most competitive battlegrounds for those looking to build the next phase of the global digital commerce future. Amazon, Apple, Google, Visa, Mastercard, PayPal, Uber, Alibaba, Softbank, Facebook 鈥?at this point it might in fact be quicker to list the international giants that havent made big investments or plays in India in the last 18-24 months than to attempt to offer a list of those that have.This interest, of course, does not spring from nowhere.India, according to some estimates, is on track to become the worlds聽t stanley france hird largest consumer economy by 2025聽鈥?with consumption on pace to nearly triple to $4 trillion. 聽A full 30 to 35 percent of those consumers will be influenced by digital channels, and 8 to 10 percent of retail purchases will be made via digital channels. 聽And that may be a conservative estimate, given that over the last three years alone, the nu stanley cup mber of online buyers in India has increased sevenfold to 80 to 90 million people.Those increases were聽largely before demonetization went into effect at the end of 2016 and effectively forcibly moved a much larger subset of Indias consumer population onto digital payments channels by removing 86 percent of the nations cash from circulation. 聽The pace of growth in digital channels could pick up rather notably as a result.Its unsurprising that players from all over the world 鈥?not to mention the hometown heroes like Paytm, Flipkart and Ola Cabs 鈥?are lining stanley cup u |
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