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As the <keyword id="613228" type="UNKNOWN" weightage="100" keywordseo="US-shutdown">US shutdown</keyword> drags on, business groups are demanding the immediate reopening of the government while economic indicators show that the standoff has already hurt consumer spending and consumer confidence. <keyword id="770060" type="UNKNOWN" weightage="100" keywordseo="Indian-start-ups">Indian start-ups</keyword> with cross-border operations are not hit yet, but a setback could not be ruled out if the deadlock continues. We bring you a series of quick chats with entrepreneurs and start-up experts who are closely tracking the situation in real time. Today's chat is with <keyword id="276933" type="PERSON" weightage="100" keywordseo="Sampad-Swain">Sampad Swain</keyword> of <keyword id="1898251" type="COMPANY" weightage="100" keywordseo="Instamojo">Instamojo</keyword>. 
 Operating from Mountain View (California) and Mumbai, Instamojo, Inc., is not even 2 years old but its online peer-to-peer platform for selling digital goods has gained significant global traction. A part of the 500 Startups’ Fall 2012 batch, the start-up claims to have many key customers across the US and we are keen to figure out if the ongoing <keyword id="469382" type="UNKNOWN" weightage="100" keywordseo="government-shutdown">government shutdown</keyword> would hit the Indian start-up ecosystem operating out there. In a quick chat, co-founder and CEO Sampad Swain admits that macroeconomic issues could be damaging, but start-ups not directly dealing with the government, should not be worried. Here are the excerpts from our chat. 
 
Will the current shutdown affect cross-border start-ups? 
 I don’t think Indian start-ups with cross-border operations are facing any threat yet. At this point of time, I am trying to develop the domestic market, but we see continued interest from the US and European markets. Things have not changed much in spite of the stand-off. Also, I think the shutdown will not affect Instamojo, an online P2P platform for selling and buying digital goods. 
 
If consumer confidence is hurt, shouldn’t it impact C2C businesses like yours? 
Not necessarily. I think long-term crises like the subprime crisis or the ongoing rupee-dollar fluctuation may impact our business in the long term. But the US shutdown, I feel, is a short-term thing and it can’t go on for an indefinite period. Entrepreneurs and businesses are always ready for such short-time scenarios. 
 
Do you think the shutdown will impact seed-stage or early-stage funding? 
I doubt if there will be any such impact. But then, any macroeconomic issue prolonged over a period of time leaves its mark. Just like the subprime crisis did before. 
 
Of late, VCs have been cautious about India investments. Will they now focus more on emerging markets? 
That is highly unlikely as VCs take their call keeping in mind a larger time frame. Short-term disruptions will not make them change their policy. 
 
Will there be negative sentiment among start-ups looking to expand their businesses in the US? 
I think any start-up not focusing on selling directly to the government should not be worried. Most likely, it will be business as usual. 
 
Watch this space tomorrow for the final interaction with one of the biggest Indian-global start-ups.

US Shutdown: Indian Start-ups Can Cope In Short Term,
Says Instamojo’s Sampad Swain

(Eds: Adding details) Mumbai, Mar 6 () As Yes Bank went into moratorium, many a digital payment platforms bore the brunt on Friday as transactions were disrupted, with PhonePe facing "long outage". PhonePe, which depends exclusively on Yes Bank as its payment services provider (PSP), was down since the order was imposed and also had to suffer the more-than-friendly barbs of rival Paytm Payments Bank on Twitter. Yes Bank was put under moratorium late Thursday evening, with several caps, including allowing depositors to withdraw only Rs 50,000 per account and a slew of others including not taking fresh liabilities. This resulted in the bank being unable to render the services as a PSP, experts said. Even late in the evening, PhonePe was yet to start the Unified Payments Interface services, for which it depends on Yes Bank. "We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI," its chief executive Sameer Nigam tweeted in the morning. The troubles resulted in Paytm Payments Bank inviting PhonePe to its UPI platform through an open message on Twitter with a prickly end note - "Let's get you back up, fast". This was met with a quick retort from PhonePe. "No point getting back up faster, if we have to desert our long-term partners when they're down. Form is temporary, class is permanent," it said. Some users on the micro-blogging site said that half of India's payments systems are down because other apps beyond PhonePe were also affected. Yes Bank's annual report for FY19 said the bank handled 35 per cent of merchant transactions on UPI and 31 per cent of the overall UPI volumes. NPCI's website gave out a list of 15 third-party apps including PhonePe which depend on Yes Bank as a PSP. The names also include Airtel and Angel Broking. There were also reports of the bank's own customers unable to access their accounts online and being forced to visit the branches. Payment gateway Razorpay's chief executive Harshil Mathur said its core business remains unaffected, but there were minor disruptions in the auxiliary services, forcing the company to work with other banks for business continuity. Its peer Instamojo's chief executive Sampad Swain said it is temporarily withholding payoffs to merchants having Yes Bank accounts to ensure no merchant funds get blocked. AA MKJ

PhonePe, may other payment apps hit in wake of Yes Bank crisis

New Delhi, Mar 6 () Paytm Payments Bank took a dig on its rival PhonePe in the wake of obstructions it faced due to using cash-strapped Yes Bank platform for transactions. PhonePe founder and CEO Sameer Nigam said there has been an outage of service on its payment application due to restrictions on its banking partner Yes Bank and the service will be live soon. "Inviting you to @PaytmBank #UPI platform. It already has huge adoption and can seamlessly scale manifold to handle your business. Let's get you back up, fast!," Paytm Payments Bank tweeted. PhonePe shot back to say that Paytm Payments Bank platform is not seamlessly scalable otherwise the company would have themselves approached it. "Dear @PaytmBank Inviting you to consider that if your #UPI platform was so 'seamlessly scalable', we'd have called you ourselves. No point getting back up faster, if we have to desert our long term partners when they're down. Form is temporary, class is permanent," PhonePe's official twitter handle said. PhonePe, one of the country's largest digital payment platforms, is dependent upon Yes Bank to process its transactions. "We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap (as soon as possible)," Nigam tweeted on Friday morning. He added that the app hopes to be live in "a few hours". Yes Bank placed under a moratorium on Thursday evening, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. The bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. For the next month, Yes Bank will be led by the RBI-appointed administrator Prashant Kumar, a former chief financial officer of SBI. According to the National Payments Corporation of India, several apps such as Flipkart, MakeMyTrip, Myntra, Jabong, Cleartrip, Airtel, Swiggy, Redbus, Hungerbox, MudraPay, Udaan, Microsoft Kaizala and PVR use Yes Bank's UPI platform. Digital payment gateway firm Instamojo said it has temporarily withheld payouts to merchants having Yes Bank accounts. "We will be temporarily withholding payouts to merchants having Yes bank accounts until further clarity on the situation. This is to ensure that no merchant's funds get blocked. As an alternate, we have provided our merchants the option to change their registered bank from Yes bank to another account," Instamojo Chief Executive Officer and co-founder Sampad Swain said. A Bharti Airtel official said there is no impact on the company's transaction as it uses many other payment gateways. E-commerce firm Myntra said, "Transactions on Myntra have not been impacted, except for payments through PhonePe. Our customers can continue to transact on Myntra using other UPI payment service provider apps in addition to credit and debit cards and net banking until services of PhonePe are restored." Start-up firm Kredx said that following the government's decision to impose a moratorium on Yes Bank on Thursday, the company has stopped all inward and outward transactions with the bank's with immediate effect. PRS KPM HRS

Paytm Payments Bank takes a dig on PhonePe over Yes Bank restrictions

New Delhi, Mar 7 () Panicked Yes Bank customers were seen queuing up at the bank's ATMs at various locations, but to no avail as as most cash-dispensing machines ran dry, after the Reserve Bank placed the crisis-hit lender under a moratorium. However, many a customers said they were able to withdraw the stipulated amount of Rs 50,000 through cheques at Yes Bank branches. Customers are also facing trouble because net banking services are not working and some even complained that their credit cards are also not working. As the Reserve Bank has superseded the board of the private sector lender on a precarious financial condition and has appointed a former SBI executive as its administrator, customers cannot withdraw more than Rs 50,000 under the moratorium period till April 3, 2020. Several customers at a bank branch in central Delhi said they faced no problem while withdrawing the sum of Rs 50,000 through cheques. "Internet banking is not working, even the credit card has stopped working; however, I withdrew my amount through cheque," said Lalit Kumar, a Yes Bank customer of its Gole Market branch here. At an ATM in Ghaziabad, Yes Bank customers queued up to withdraw money, but to no avail as there was no cash. Most of the Automated Teller Machines (ATMs) wore a deserted look due to non-availability of cash. A Delhi-based customer said he was able to withdraw limited cash of about Rs 3,000-4000 only from an ATM, adding the cheque withdrawal helped him take out the remaining amount under the moratorium restriction. However, a display at the Post Office situated at Parliament Street read: "No Yes Bank cheques will be cleared until further orders from the RBI." Besides, people also complained that Yes Bank facilitated meal cards are not working. Payment facilitator for small businesses Instamojo's CEO &amp; Co-founder Sampad Swain said the company will be temporarily withholding payouts to merchants having Yes bank accounts until further clarity on the situation. "This is to ensure that no merchant's funds get blocked. As an alternate, we have provided our merchants the option to change their registered bank from Yes bank to another account," Swain said. To soothe the hassled customers, Yes Bank's administer Prashant Kumar in a statement issued on Friday said that there was no need for panic and the bank was working to bring the situation under control before April 3 -- time till when the moratorium remains in place. "The current moratorium has been brought into effect keeping the depositors' interest in mind and towards restoring their confidence. "A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends. The bank is also taking necessary steps to ensure seamless transactions for the customers. We assure the depositors that their money is safe and there is absolutely no reason to panic," Kumar said. Fintech start-up in payment and transaction technology space PayNearby said: "At PayNearby, its business as usual. Our systems are up and running without any disruption. We are a strong technology backed fintech company and have multiple banking partners." "Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again," said Anand Kumar Bajaj, MD &amp; CEO, PayNearby. Yes Bank also said it remains available to address all queries and clarifications. Depositors are requested to get in touch with the nearest branch for any assistance. "We would like to inform you that our ATMs are now functional. You can locate the ATM nearest to you here: https://community.yesbank.in," read the Yes Bank tweet, tagging the twitter handles of the Finance Ministry and the Reserve Bank. "Our working hours are Monday-Saturday (9 am to 8 pm)," it added. Stock of Yes Bank came under heavy selling pressure on Friday and plunged by more than 84 per cent intra-day before closing the day down by 56 per cent at Rs 16.20 apiece on BSE. Country's largest lender SBI, which has evinced interest for 49 per cent stake in the private sector lender, said it is evaluating the draft reconstruction scheme for Yes Bank. "We have received draft scheme of reconstruction for Yes Bank. Our investment and legal team is doing due diligence," Chairman Rajnish Kumar told reporters in Mumbai on Saturday. Bank officials are doing due diligence of the draft scheme, he added. He also said many potential investors have approached SBI after seeing the draft scheme On Friday, the RBI announced a draft scheme of reconstruction for cash-starved Yes Bank. In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. KPM MKJ

You Searched For "Sampad Swain" and got 4 results

US Shutdown: Indian Start-ups Can Cope In Short Term, Says Instamojo’s Sampad Swain

Sanghamitra Mandal

PhonePe, may other payment apps hit in wake of Yes Bank crisis

PTI

Paytm Payments Bank takes a dig on PhonePe over Yes Bank restrictions

PTI

Yes Bank customers scramble for cash withdrawal at branches, most ATMs run dry

PTI

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