Paytm on February 9 announced the formation of a Group Advisory Committee that will work with the Paytm Board on regulatory matters and strengthening compliance. It will be headed by former Securities and Exchange Board of India (SEBI) Chairman Meleveetil Damodaran. Other members of the Committee include MM Chitale, former president of the Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of the Banking Codes and Standards Board of India, and R Ramachandran, former Chairman and Managing Director of Andhra Bank. This comes in the wake of the Reserve Bank of India (RBI) placing major restrictions on Paytm Payments Bank, an associate company of Paytm. These restrictions have created trouble and uncertainty for Paytm and its customers and the company is scrambling to find new partners to keep its services and customers unaffected. The formation of this Committee might, however, be too little too late. RBI last week commented on the issues surrounding Paytm for the first time noting that it always provides entities enough time to implement corrective measures before it imposes any business restrictions and that the restrictions it imposes are proportional to the gravity of the situation. Given this stance, it is not clear if the formation of this Committee will assuage RBI's concerns. While neither RBI nor Paytm Payments Bank has shared any details about the exact non-compliance that led to this situation, media outlets have reported multiple reasons. “Reserve Bank of India had found 31 crore out of 35 crore Paytm Wallets…
- European media groups sue Google for $2.3 billion over digital ad losses March 1, 2024
- US Executive Order Targets Protection of Sensitive Data from Foreign Threats March 1, 2024
- Google removes apps of Matrimony.com, Shaadi, and other Indian companies for not complying with the Play Store billing policy March 1, 2024
- Haryana Police Seeks Cancellation of Visas, Passports of Protesting Farmers Identified Through CCTVs, Drone Footages March 1, 2024
- Facebook to shut down news tab in US and Australia, citing declining user interest March 1, 2024
"Without Google’s abuse of its dominant position, the media companies would have received significantly higher revenues from advertising and paid lower fees for ad...
Google removes apps of Matrimony.com, Shaadi, and other Indian companies for not complying with the Play Store billing policy
Speaking to Medianama, founders of the concerned companies alleged Google was the one not in compliance with the Indian competition regulator's antitrust order.
Haryana Police Seeks Cancellation of Visas, Passports of Protesting Farmers Identified Through CCTVs, Drone Footages
According to reports, farmers have also informed that their phones are being put on surveillance, and that they are being notified by the police...
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Views: Response to NPCI CEO’s comments that what is not written in regulations is a no-go for fintech entities
NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...
Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...