• Latest
  • Trending
Investors in India’s Paytm have no access to payments bank data

Investors in India’s Paytm have no access to payments bank data

US FAA shifts gears on certifying future flying taxi pilots

US FAA shifts gears on certifying future flying taxi pilots

Ford sells shares in EV maker Rivian for $214 MLN

Ford sells shares in EV maker Rivian for $214 MLN

Fed’s Waller says now is the time to hit it on raising rates

Fed’s Waller says now is the time to hit it on raising rates

All the best is yet to come in Singapore: Blockchain Fest 2022

All the best is yet to come in Singapore: Blockchain Fest 2022

Swiss companies are not hoarding cash

Swiss press freedom dealt blow in bid for overhaul of bank secrecy rules

US removes Xiaomi from blacklist, reversing late China Jab by Trump

Xiaomi accuses Indian agency of physical violence threats

AIG profit beats estimates on strong underwriting gains

AIG profit beats estimates on strong underwriting gains

Meta to start testing money making tools

Meta opens access to AI large language model

Now You Can Trade Multiple Assets with Fullerton Markets

Now You Can Trade Multiple Assets with Fullerton Markets

Airbnb bets on summer of travel to drive revenue growth

Airbnb bets on summer of travel to drive revenue growth

Lifting the veil of Blockchain Fest 2022 – Cyprus

Lifting the veil of Blockchain Fest 2022 – Cyprus

Intesa CEO says committed to 2022-2025 plan’s goals

Intesa CEO says committed to 2022-2025 plan’s goals

Global Business Review Magazine
Tuesday, May 17, 2022
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

Investors in India’s Paytm have no access to payments bank data

Investors in India’s Paytm have no access to payments bank data

Investors in India’s Paytm do not have access to customer data of its payments bank, CEO Vijay Shekhar Sharma said in an interview. This seems to be seeking to allay concerns over reports of user data being leaked to Chinese firms. Paytm is backed by China’s Alibaba Group Holding and its affiliate Ant Group.

The Reserve Bank of India barred Paytm Payments Bank from taking on new customers. They ordered a comprehensive audit of its IT systems, citing “material” supervisory concerns observed in the bank. Paytm has denied a news report from Bloomberg that said earlier on Monday RBI found Paytm Payments Bank’s servers were sharing information with China-based entities. Sharma said that no investor had access to the company’s customer data, and the country’s central bank had raised no concerns related to data storage or access.

YOU MAY ALSO LIKE

Cash is no longer king – Wallester

RoboMarkets – The Ultimate Platform for Forex Trading: Recognized as the Best Retail Broker Global at Global Business Review Magazine Award 2021

Sharma also stated that there is no access of any bank customer data to any person, of any nationality. RBI has (in its observations) not mentioned anything in relation to investors. Paytm Payments Bank, which facilitates transactions on mobile commerce platform Paytm, has over 300 million wallets and 60 million bank accounts. Paytm is one of India’s most popular digital payments services. Shares of Paytm slumped 13% after RBI’s move, with Macquarie Research analysts saying they expect a significant impact on Paytm’s brand and customer loyalty. 

The RBI action is the latest setback for Paytm. This had a flop stock market debut of its $2.5 bln IPO in November. Its shares are down almost 70% from the issue price. Sharma stated that they are confident of addressing RBI’s concerns at the earliest. The RBI has ordered a comprehensive audit of Paytm Payment Bank’s IT systems. One of the Paytm spokesperson said that its payments bank data resides within the country.

Tags: FinTechIndiaPayTm
ShareTweetShare
Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • US FAA shifts gears on certifying future flying taxi pilots
  • Ford sells shares in EV maker Rivian for $214 MLN
  • Fed’s Waller says now is the time to hit it on raising rates
  • All the best is yet to come in Singapore: Blockchain Fest 2022
  • Swiss press freedom dealt blow in bid for overhaul of bank secrecy rules

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2022 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version