Too early – Paytm advisory panel chief M Damodaran on identifying issues with fintech firm

Paytm is a prominent Indian digital financial services platform that offers a versatile range of services, combining mobile commerce, digital payments, and financial management. Established in 2010 by Vijay Shekhar Sharma, Paytm has grown to become one of the leading players in the country’s digital ecosystem.

At its core, Paytm provides a user-friendly mobile application that serves as a comprehensive digital wallet, allowing users to seamlessly make payments, recharge mobile phones, pay utility bills, and undertake various financial transactions. The platform has become synonymous with cashless transactions and has played a pivotal role in India’s transition towards a more digital economy.

One of Paytm’s key features is its digital wallet, which enables users to store money securely and make swift transactions without the need for physical currency. Additionally, Paytm facilitates peer-to-peer money transfers, making it convenient for users to send and receive funds instantly.

Beyond payments, Paytm has expanded its services to include a diverse array of offerings such as online shopping, ticket bookings for flights, trains, buses, movies, and events. The platform also delves into financial services, providing users with features like savings accounts, insurance, and investment options.

Paytm’s commitment to innovation is evident in its continuous efforts to introduce new features and enhance user experience. The platform has played a significant role in driving the adoption of digital payments in India, contributing to the country’s overall economic digitization.

Overall, Paytm has established itself as a comprehensive digital platform that seamlessly integrates various financial services, making it a go-to solution for millions of users seeking convenience, security, and efficiency in their day-to-day financial transactions.

Too early – Paytm advisory panel chief M Damodaran on identifying issues with fintech firm – News

With effect from February 29, the RBI on January 31 forbade Paytm Payments Bank Limited from taking deposits or top-ups in any client account, including wallets and FASTags.

Ranjeet Kumar Agarwal, president of the Institute of Chartered Accountants of India, stated on Sunday that the Paytm matter may be discussed by the financial reporting review board (FRRB). He stated that the board is presently reviewing the financial records of the educational technology company Byju’s due to purported governance issues.

“We haven’t thought about the PayPal issue up to this point, but the FRRB board meeting is coming up, and when it does, it will discuss taking necessary action. Regarding this topic, we haven’t made any decisions as of yet,” ICAI President Ranjeet Kumar Agarwal told news agency PTI.

With effect from February 29th, the RBI on January 31st banned Paytm Payments Bank Limited (PPBL) from taking deposits or top-ups in any client account, including wallets and FASTags. The action by the central bank was prompted by regulatory worries.

Too early – Paytm advisory panel chief M Damodaran on identifying issues with fintech firm

The newly elected institute committees, including FRRB, are anticipated to convene in March, according to the president of ICAI. According to him, the FRRB will decide whether further examination of the books is required in light of the claims of regulatory violations and how they affected the payment bank’s accounting.

“The board has the authority to decide who gets reviewed and when. Its system is strong,” declared the recently elected head of ICAI. The board is organized into three levels: technical, group, and board review. It has the authority to examine listed corporations’ financial statements. “We continue our probe in cases of egregious carelessness. We offer advise help in the event of small concerns,” Agarwal stated.

When asked if the ICAI was anticipating a complaint about Paytm, Agarwal responded, “The institute has the authority to take action both through complaints and suo motu.” It was suo motu in the instance of Byju.” He stated that the board’s review of Byju’s is “moving along well and the report is expected by the end of this year.”

Low on funds Another company in difficulty is Byju’s, where some investors seek to fire CEO and founder Byju Raveendran. At an Extraordinary General Meeting on Friday, investors Prosus, General Atlantic, and Peak XV voted to fire CEO Byju Raveendran and his family from the edtech company; the founder was not present.

Too early – Paytm advisory panel chief M Damodaran on identifying issues with fintech firm

Too early – Paytm advisory panel chief M Damodaran on identifying issues with fintech firm

All of the resolutions put to a vote at today’s Extraordinary General Meeting were approved by a unanimous vote of the shareholders. According to a representative for Prosus, the investors who organized the EGM, “These included a request for the resolution of the outstanding governance, financial mismanagement, and compliance issues at Byju’s; a reconstitution of the Board of Directors, so that it is no longer controlled by the founders of T&L; and a change in leadership of the Company.”

But a day later, Raveendran reaffirmed his leadership role as CEO and emphasized stability inside the company. “I am still the CEO, the management is still the same, and the board is still the same. Stated differently, Byju’s is operating “business as usual,” he informed the personnel.

The resolutions were moved by six investors who collectively own over 32% of Think & Learn (T&L), Byju’s parent company.

Four Byju’s investors filed a mismanagement lawsuit in the NCLT earlier this week, requesting that Raveendran be removed from the board of directors. To get Raveendran fired from the company, the shareholders filed a lawsuit alleging mismanagement and oppression against him.

A forensic audit of the business, the election of a new board, and the nullification of the rights issue are among the other demands included in the shareholders’ lawsuit.

Too early – Paytm advisory panel chief M Damodaran on identifying issues with fintech firm

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