Paytm said that it does not share user data with any of its investors or with any foreign entity and stores data locally in India with no access to any external party. The company was responding to a reference made in the Rajya Sabha by Narendra Jadhav, who claimed that China’s Alibaba holding a stake in Paytm poses a “very serious threat to our national security“. In the Rajya Sabha earlier this week, Jadhav alleged that Alibaba, through Paytm, had applied for an NBFC license to possibly capture a major chunk of the domestic lending market by resorting to “predatory pricing and capital dumping“. According to Jadhav, Chinese multinationals, if allowed to dominate the Indian financial services sector, “will gain access to private and financial data of millions of individuals and corporates. This could inevitably expose India to a serious…
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