Paytm founder and CEO Vijay Shekhar Sharma has paid a ‘substantial’ advance and signed an MoU to purchase real estate in one of the country’s most expensive residential areas, Golf Links in Lutyens, New Delhi.
All Paytm wallet accounts will be migrated to Paytm Payments Bank, if you do not opt out.
Paytm is the third entity in the country to launch a payments bank after Airtel and India Post.
The company has appointed Renu Satti as the CEO of Paytm Payments Bank. Satti currently is the vice-president of business at Paytm.
SoftBank Group Corp. is in talks to invest about $1.4 billion in India’s One97 Communications Ltd. in a deal that would value Paytm at $7 billion.
The board of Snapdeal is expected to meet today to discuss the potential sale of India’s third largest e-commerce firm to larger rival Flipkart.
Snapdeal reported a loss of 29.6 billion rupees in the financial year to March 31, 2016.
Paytm-Reliance Capital deal gives a valuation of over $4 billion to Paytm, which is already backed by Alibaba group as a strategic investor.
With hundreds of employees being handed out pink slips by companies such as Snapdeal and Stayzilla,
Paytm Mall aims to offer a combination of the Mall and Bazaar concepts to Indian consumers.
The government sent the notices under the Emblems and Names Act of 1950, which bars use of Prime Minister’s name and picture for commercial use.
Finance Minister Arun Jaitley said promotion of digital economy is an integral part of Government’s strategy to clean the system.
Public viewing of Sharma makes his celebratory moments reek of hubris and hard-to-swallow over confidence – the idea of “success gone to his head” — which is unbecoming to the image of an industry leader whose product matters.
Paytm announced that it has partnered with PVR, Cinepolis, amusement parks and gaming parlours to enable cashless payments.
“Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” Vijay Shekhar Sharma, founder of One97 Communications, said in a blogpost.