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<ul><li><keyword id="19899647" type="General" weightage="100" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> can be delivered to your doorstep in under 10 minutes</li><li>The phone is available on Blinkit, <keyword id="19939136" type="General" weightage="20" keywordseo="BigBasket" source="keywords" meta.keywordsubtype="org" meta.entityname="BigBasket" meta.hostid="261" meta.entityid="BigBasket">BigBasket</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword></li><li>The iPhone 16 was made available for sale in India today</li></ul> Earlier this morning, <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> stores in Mumbai and Delhi witnessed huge lines of iPhone buyers, ready to get their hands on the next-gen models. Apple’s iPhone 16 series went for sale in India today and the excitement around the new phones is palpable. However, what if we tell you that you can order an iPhone within the comfort of your home? Blinkit is selling the iPhone 16 promising to deliver it to your doorstep in a few minutes. The phone is also being sold at BigBasket. However, it is to be noted that Blinkit and Big Basket are not selling the pro variants of the iPhone 16. If you are looking for the higher-end variants, you will have to either buy from a store or order it online. In India, the iPhone 16 is priced at ₹79,900, while the iPhone 16 Plus is available for ₹89,900. The <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> starts at ₹1,19,900, and the iPhone 16 Pro Max is priced at ₹1,44,900. <div type="Article" hostid="261" msid="113214171" title="iPhone 16 Pro with A18 Pro chip launched: Should you upgrade if you own an iPhone 15 Pro?" mstype="2" mssubtype="0"></div> Let us take a look at where you can buy all variants of the iPhone 16 and what are the bank offers available. <h2>iPhone 16 available in under 10 minutes</h2>Blinkit is currently selling the iPhone 16 and iPhone 16 Plus models, though only the 128GB variant is available for purchase. The higher storage options are currently unavailable on Blinkit, and BigBasket. It's still unclear if the Pro models will be added to their listings in the coming week. In addition to Blinkit and Big Basket, the iPhone 16 is also available at Zepto. Blinkit and BigBasket, meanwhile, promise to deliver the phone in under 10 minutes. On the other hand, Zepto is promising to deliver the device in about 30 minutes. <h2>Customer orders iPhone 16 via BigBasket</h2> In a press release, BigBasket shared that a customer from Koramangala, Bengaluru had ordered an iPhone 16 at 8:00 AM and received the product in just seven minutes, at 8:07 am. The customer, upon receiving the product, said as per the press release, “I’ve always trusted bigbasket for my daily needs and groceries. However, I was pleasantly surprised to see that they are also delivering the new iPhone 16. What topped the excitement was getting the iPhone 16 within minutes of ordering! It’s a game-changer in quick delivery.” <h2>Bank offers on the iPhone 16</h2>Shoppers can enjoy savings of up to ₹5000 when purchasing an iPhone 16 using eligible credit cards from Kotak Mahindra, SBI, and ICICI Bank credit cards on Amazon. To make the purchase even more convenient, no-cost EMI options are available for 3 to 6 months through most major banks. Meanwhile, Vijay Sales is offering various deals to select card holders of ICICI bank, SBI, HDFC bank, Kotak Mahindra bank, YES Bank, IDFC FIRST Bank and Federal Bank. EMI options are also available on the website. <div type="Article" hostid="261" msid="113448967" title="You can get free Apple Airpods 4 and Apple Pencil with this limited-time deal in India, details here" mstype="2" mssubtype="0"></div> In addition to this, Apple is also offering its popular Trade-In program, which allows buyers to exchange their old devices for a discount. Depending on the condition and model of the device being traded in, customers can receive anywhere from ₹4000 to ₹67,500 off their new iPhone. In addition to these savings, those purchasing an iPhone 16 will receive a complimentary three-month subscription to Apple Music, Apple TV+, and Apple Arcade, adding even more value to their purchase. <h2>About the iPhone 16 lineup </h2> Apple has introduced some new features in the new iPhone 16 series, aiming to make both the standard and Pro models more advanced and user-friendly. The iPhone 16 and iPhone 16 Plus now boast a new Camera Control button, giving users quicker access to key functions. Both phones are powered by the upgraded Apple A18 chip and come with an improved dual-camera system that includes a new spatial capture feature for enhanced photography. Running on iOS 18 right out of the box, these models are set to receive further smart updates with upcoming software enhancements. The vanilla iPhone 16 features a 6.1-inch display, while the iPhone 16 Plus offers a larger 6.7-inch screen. Both displays are protected by Ceramic Shield technology and reach a peak brightness of 2,000 nits, though they continue to use 60Hz OLED panels. On the camera front, these models come with a 48MP main sensor capable of 2x zoom and a 12MP ultrawide camera that can now take macro shots. For selfies, a 12MP TrueDepth camera is included on both models. The iPhone 16 Pro and iPhone 16 Pro Max take things a step further, with bigger screens and narrower bezels. The Pro comes with a 6.3-inch display, while the Pro Max offers a 6.9-inch one. Both feature Retina XDR OLED screens with a smooth 120Hz refresh rate and up to 2,000 nits of brightness. Both phones are powered by the advanced A18 Pro chip and run on iOS 18. For photography enthusiasts, the Pro models pack a triple-lens setup, including a 48MP main camera, a new 48MP ultrawide lens, and a 12MP periscope camera offering 5x optical zoom. The front-facing camera remains a 12MP TrueDepth unit, and both Pro models now support 4K video recording at 120fps. Like the standard versions, they also come equipped with the new Camera Control button, making it easier than ever to snap photos and capture moments.

You can get the iPhone 16 in under 10 minutes while sitting at home, here is how

New Delhi, Shares of One97 <keyword id="20449791" type="General" weightage="20" keywordseo="communications-ltd" source="keywords">Communications Ltd</keyword>, the owner of the Paytm brand, fell 5 per cent to hit a lower circuit limit in the late morning trade on Wednesday. The stock declined 4.99 per cent to Rs 406.15 -- its lower circuit limit -- on the <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword>. It fell 4.99 per cent to hit the lower circuit limit of Rs 406.20 on the NSE. Shares of One97 Communications had hit upper circuit limits on Tuesday, Monday, and Friday. <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> has stepped down as part-time non-executive chairman of <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> Limited and the board of the bank has been reconstituted, a filing said on Monday, adding that PPBL will commence the process of appointing a new chairman. The dramatic turn of events assumes significance in the backdrop of <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s crackdown on Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns. Last month, in a regulatory action, the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29 -- a deadline that was later extended to March 15. One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.

Paytm shares fall 5% to hit lower circuit limit

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

Vijay Shekhar Sharma: The controversies of the architect of fintech

<ul><li><keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> has denied reports that it is in talks to acquire a stake in <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>.</li><li>One97 Communications, the parent company of Paytm has also denied reports of a stake sale.</li><li>Recent media reports claimed that Adani Group is looking to enter the UPI and e-commerce segments.</li></ul> Gautam Adani-led conglomerate Adani Group has denied reports that it is in talks with Vijay Shekhar Sharma-led One97 Communications, the parent company of Paytm, for acquiring a stake in the fintech company. Amid reports that the Adani Group is looking to enter the <a href="https://www.businessinsider.in/business/news/adani-group-plans-to-foray-into-e-commerce-and-upi-segments-to-compete-with-mukesh-ambani/articleshow/110495484.cms">UPI and e-commerce</a> segments, a <a href="https://timesofindia.indiatimes.com/business/india-business/adani-in-talks-with-vijay-shekhar-sharma-to-acquire-stake-in-paytm/articleshow/110509772.cms">report</a> by the Times of India claimed that the company is in talks with One97 Communications for a stake acquisition, citing sources familiar with the matter. The report claimed that Paytm founder and CEO <keyword id="20004114" type="General" weightage="20" keywordseo="Vijay-Shekhar-Sharma" source="keywords">Vijay Shekhar Sharma</keyword> had met <keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> at its Ahmedabad headquarters on Tuesday, May 28, regarding the deal. The report led to immense speculations across the business and political circles as expectations around Adani Group taking on the likes of JioFinance and Google Pay grew ripe. The share price of One97 Communications climbed 5%, hitting the upper circuit. The company’s share price reached INR 359.55. The opposition party Congress’s leader Jairam Ramesh launched a scathing attack on the Prime Minister, posting on X "Remember when Paytm was referred to as Pay to Modi? Prophetic words! Atmanirbhar to Parmatmanirbhar to Adaninirbhar!" <cmsannotation type="cmsannotation" annotationid="Adani Group issues a denial" comment="subhead" text="Adani Group issues a denial">Adani Group issues a denial</cmsannotation> The Adani Group has now come out and denied the media report. “We categorically deny this baseless speculation. It is totally false and untrue,” the Adani Group said in a statement. <cmsannotation type="cmsannotation" annotationid="One97 Communications also denies talks" comment="subhead" text="One97 Communications also denies talks">One97 Communications also denies talks</cmsannotation> In an official statement, One97 Communications denied reports of its talks with Adani Group. "We hereby clarify that the abovementioned news item is speculative and the company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," One97 Communications said in an official filing. <cmsannotation type="cmsannotation" annotationid="Adani Group looking to enter the UPI and e-commerce segments" comment="subhead" text="Adani Group looking to enter the UPI and e-commerce segments">Adani Group looking to enter the UPI and e-commerce segments</cmsannotation> Earlier, media reports claimed that the Adani Group is looking to enter the UPI and e-commerce segments in India. According to the reports, the Adani Group is reportedly considering applying for a license to operate on the country’s public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer a co-branded Adani credit card to its customers. The group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC). A deal with Paytm, which has several years of experience in both e-commerce and payments, could have helped the Adani Group establish itself in these segments and take on existing players such as Reliance Industries, Google, PhonePe and more. Paytm has been facing several regulatory challenges in recent years, with the Reserve Bank of India (RBI) ordering Paytm Payments Bank Ltd to stop the bulk of its activities earlier this year. The action led to a whopping 50% drop in One97 Communications share price within two weeks in February. SEE ALSO: <h3 style="line-height:1.38;margin-top:0pt;margin-bottom:4pt;"><a href="https://www.businessinsider.in/business/news/adani-group-plans-to-foray-into-e-commerce-and-upi-segments-to-compete-with-mukesh-ambani/articleshow/110495484.cms">Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google</a></h3><h3 style="line-height:1.38;margin-top:0pt;margin-bottom:4pt;"><a href="https://www.businessinsider.in/sports/webstories/ipl-2024-award-winners-orange-cap-to-emerging-player-of-the-season-here-are-the-winners/slidelist/110454525.cms">IPL 2024 award winners – Orange cap to emerging player of the season, here are the winners</a></h3><h3 style="line-height:1.38;margin-top:0pt;margin-bottom:4pt;"><a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms">Poco F6 with Snapdraon 8s Gen 3 chipset launched starting at ₹29,999</a></h3>

Adani-Paytm Deal: Both One97 Communications and Adani Group deny reports as ‘baseless’ and ‘speculative’

Digital payments and services app <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> is working and will continue to work as usual even after February 29, its CEO <keyword id="20004114" type="General" weightage="100" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> said on Friday. The founder and CEO of One97 Communications Ltd (OCL), which owns Paytm brand, on social media platform X said the company is committed to serving the nation in full compliance. "To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual," Sharma said. RBI has barred Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. OCL holds a 49% stake in PPBL but classifies it as an associate of the company and not as a subsidiary. "I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," Sharma said. The Paytm top management during an earning call on Thursday said they are working on a migration plan for PPBL, wallet, FASTag etc users with other banks. The company sees the RBI order to have an impact of Rs 300-500 crore on its annual operational profit as its customers will not be able to add money to their wallets, FASTag etc. Separately, the company informed that its offline merchants network offering and device business like Paytm Soundbox, EDC, QR are not impacted by the Reserve Bank of India's (RBI) direction to its associate bank. The fintech company will also continue onboarding merchants to its platform. "The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. Other financial services such as loan distribution, insurance distribution and equity broking, are also not in any way related to Paytm's associate bank and are expected to be unaffected by this direction," the company said. Paytm said that the RBI order also does not impact user deposits in their savings accounts, wallets, FASTags and NCMC (National Common Mobility Card) accounts, and they can continue to use the existing balances. RBI has ordered PPBL to settle all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29, 2024) by March 15, 2024 and no further transactions would be permitted thereafter. Sharma during the call had said that RBI order is a "big speed bump" and shared that he could not understand the trigger for the move and he was not aware of the exact nuance that triggered the order. "On behalf of Paytm I can say it is more of a big speed bump but it is something that we believe that with partnership of other banks and capabilities that we have already developed, we will be able to see through in the next few days or quarters as the case will be," he had said.

Paytm app will continue to work beyond Feb 29 as usual: CEO Vijay Shekhar Sharma

New Delhi, Shares of One97 Communications Ltd, the owner of the Paytm brand, jumped another 5 per cent on Tuesday to hit the highest trading permissible limit for the day. The stock climbed 4.98 per cent to Rs 449.30 -- its upper circuit limit -- on the BSE even after a muted opening to the trade. Shares of the fintech firm exhibited highly volatile trends falling to the day's low of Rs 413.55. Later, the stock bounced back and quoted 1.18 per cent higher at Rs 433. At the NSE, shares of the company rallied 4.99 per cent to reach the highest trading permissible limit for the day at Rs 449.50 despite a weak beginning. Shares of One97 Communications had hit upper circuit limits on Monday and Friday as well. <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman. The dramatic turn of events assumes significance in the backdrop of RBI's crackdown on the Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns. Last month, in a regulatory action the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29 -- a deadline that was later extended to March 15. In a release on Monday, One97 Communications informed that its associate entity Paytm Payments Bank Limited (PPBL) has reconstituted its Board of Directors with the appointment of former chairman of Central Bank of India <keyword id="20737456" type="General" weightage="20" keywordseo="srinivasan-sridhar" source="keywords">Srinivasan Sridhar</keyword>, retired IAS officer <keyword id="20737457" type="General" weightage="20" keywordseo="debendranath-sarangi" source="keywords">Debendranath Sarangi</keyword>, former executive director of Bank of Baroda Ashok <keyword id="20105178" type="General" weightage="20" keywordseo="kumar-garg" source="keywords">Kumar Garg</keyword>, and former IAS officer <keyword id="20743301" type="General" weightage="20" keywordseo="rajni-sekhri-sibal" source="keywords">Rajni Sekhri Sibal</keyword>. They have recently joined as independent directors, it elaborated. One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.

Paytm shares hit fresh upper circuit limit; jump 5%

The Central Bureau of Investigation (<keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword>) has lodged a fresh loan fraud case of Rs 1688 crore against <keyword id="44525" type="General" weightage="100" keywordseo="abg-shipyard" source="Orion">ABG Shipyard</keyword> owner <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> and others. The CBI had last year booked Agarwal for a loan fraud of Rs 22000 crore which was said to be the biggest bank loan fraud. A senior CBI official said that a written complaint was received from <keyword id="321124" type="General" weightage="80" keywordseo="karambir-singh" source="Orion">Karambir Singh</keyword>, Chief Manager, Punjab National Bank (PNB) Mumbai on behalf of other banks (e-OBC, UCO Bank, <keyword id="6355303" type="General" weightage="80" keywordseo="bank-of-india" source="Orion">Bank of India</keyword>, Bank of Baroda (e-Dena Bank) and e-United Bank of India) against Vadraj Cement Ltd, Rishi Kamlesh Agarwal (Promoter-Director), <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword> (Director), <keyword id="2392548" type="General" weightage="80" keywordseo="vijay-prakash-sharma" source="Orion">Vijay Prakash Sharma</keyword> (Professional Director) and others for causing wrongful loss of Rs 1107.62 crore to the consortium of lending banks led by the PNB. The PNB received a letter of consent from the Central Bank of India (part of the consortium) for fraud committed by the said company to the tune of Rs 580.79 crore. "The total amount of fraud and wrongful loss committed by the company towards the consortium of lending banks comes to the tune of Rs 1688.41 crore. After receiving the complaint we lodged a case under sections 120-8, 420 IPC and 13(2) read with 13(1)(d) of PC Act against the accused," said the official. In the coming days, the CBI can now issue summons to all the accused to join the probe in the matter. Further investigation in the matter is on. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-is-in-a-state-of-crisis-difficult-to-predict-how-long-it-will-last-modi/articleshow/96934401.cms">World is in a state of crisis, difficult to predict how long it will last: Modi</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bank-staff-to-strike-work-on-jan-30-31/articleshow/96939495.cms">Bank staff to strike work on Jan 30, 31</a>

Fresh case of loan fraud of ₹1,688 crore against ABG Shipyard owner Rishi Agarwal, others

<ul><li><keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> said that it will work with third party banks after RBI’s restrictions on its payments bank.</li><li>Brokerages fear that lending partners might re-evaluate their engagement after the RBI move.</li><li>Analysts see an immediate impact on consumer payments business, with spillovers on aggregation and lending.</li><li>Retail, and MF holdings in the company have gone up in the last one year, as foreign investor holdings reduced. </li></ul>The restrictions placed on Paytm Payments Banks (PPBL) by the regulator has triggered a sharp selloff in the stock, which is locked in a lower circuit for the second day straight. The stock crashed by 20% yet again on Friday morning to ₹487, even as the benchmark indices zoomed ahead. The Reserve Bank Of India has ordered its payments bank subsidiary to stop accepting fresh deposits in its accounts or popular wallets from March onwards on Wednesday. PayTM has a 49% stake in Paytm Payment Bank whose future is now uncertain. “Our key concern, unlike previous directives, is that the RBI has not, so far, made any comments around potential steps towards a resolution, suggesting to us that the directive could stay in place for the foreseeable future,” said Goldman Sachs. Will third-party banks come on-board? Paytm assured the investors that it does impact user deposits in savings accounts, wallets, FASTags etc. "Your favourite app is working, will keep working beyond 29 February as usual. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance,” said <keyword id="20427449" type="General" weightage="20" keywordseo="paytm-founder" source="keywords">Paytm Founder</keyword> <keyword id="20427448" type="General" weightage="20" keywordseo="shri-vijay-shekhar" source="keywords">Shri Vijay Shekhar</keyword> Sharma in a tweet. The company also said that they have started working with various banks on various payment products, but the markets remained spooked. With RBI restrictions at play, analysts believe that it won’t be easy to bring in new banks. “While Paytm expects a minimal impact on its lending business, we differ. We think that some of the lending partners might re-evaluate the extent of their engagement with the company given the restrictions placed by RBI on PPBL. Paytm has a significant dependency on PPBL for nodal accounts used for merchant payment settlements,” said Axis Capital. The transition from its payments bank to third party banks won’t be so easy either. As much as 34% of all payments for Paytm has been channelized through PPBL in FY23. It has been running as an integrated business for a long time now. Even if they bring in third-party banks easily, it will face challenges of shifting the nodal accounts to other banks. It will also have to replace the QR codes, powered by PPBL, for offline merchants Analysts see an immediate earnings impact on its payments business. “We have now assumed a 10% decline in its Consumer Payments business (21% of total revenue) in FY25 and thus would impact the overall revenue impact of 4% cut in our overall revenue estimates for FY25 and FY26 respectively,” said Dolat Capital. They also fear long-reaching consequences, with a spillover impact on other businesses such like payment aggregation and lending. Lending is one of its fastest growing businesses, and disbursements could be impacted. Retail investors, MFs increased holdings in the last one year PayTM shareholding pattern <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Foreign Institutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">63.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail &amp; other investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.87% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.41% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual Funds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.99% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.73% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other domestic institutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.41% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.06% </td></tr></tbody><tbody></tbody></table>Source: Groww The Paytm stock has been on a rollercoaster ride in the last one year, with stock price hitting a high of ₹998 last October. Investors like Alibaba, <keyword id="19944037" type="General" weightage="20" keywordseo="softbank" source="keywords">Softbank</keyword> and Morgan Stanley Investment Management have pared their holdings in the company too. Investors sold off as much as ₹5,880 crore in <a href="https://www.businessinsider.in/stock-market/block-deal-bonanza-for-investors-as-bull-run-continues/articleshow/106024422.cms">four large block deals in 2023</a>. Consequently, on a year on year basis, the foreign investor holdings in the tech major came down to 63.7% as of December 2023 end. They stood at 72.8% as of December 2022. Yet, they continue to remain the largest shareholders in the company with investors like <keyword id="20427450" type="General" weightage="20" keywordseo="saif-partners" source="keywords">SAIF Partners</keyword>, Resilient Asset Management B V and others holding significant stake in the company. Domestic and retail investor holdings in the company had gone up in the same period. Mutual funds and other domestic institutional holdings almost doubled in the last one year to 5.39% as compared to 1.79% in the same time a year ago. Nippon Mutual Funds and Mirae Mutual Funds hold 1.05% and 2.51%, respectively.

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