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Paytm's woes deepen: Stocks dip as FIU slaps record penalty on Payments Bank

In fresh trouble for Paytm Payments Bank, the Financial Intelligence Unit (FIU) has slapped a penalty of Rs 5.49 crore on the payments bank for violating anti-money laundering law, the finance ministry said on Friday.

News Arena Network - Mumbai - UPDATED: March 2, 2024, 02:57 AM - 2 mins read

One97 Communications Ltd, the parent company of Paytm, saw its shares drop over 2.50% in a special trading session following a Rs 5.49 crore penalty imposed by the Financial Intelligence Unit on Paytm Payments Bank

Paytm's woes deepen: Stocks dip as FIU slaps record penalty on Payments Bank

Shares of One97 Communications Ltd, which owns and operates Paytm, declined more than 2.50 per cent in Saturday's special trading session, after the Financial Intelligence Unit slapped a penalty of Rs 5.49 crore on Paytm Payments Bank.

Leading stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruption or failure at the primary site.

The company's stock fell by 2.56 per cent to settle at Rs 414.55 apiece on the BSE. During the day, it went lower by 3.61 per cent to Rs 410.05.

On the NSE, it declined by 2.13 per cent to Rs 414.40 per share.

Shares of One97 Communications on Friday jumped 5 per cent after the company said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.

Paytm Payments Bank Ltd (PPBL) has been in trouble after RBI directed it to stop accepting fresh deposits from customers with effect from February 29, a deadline which was later extended to March 15.

Earlier this week, Vijay Shekhar Sharma stepped down as part-time non-executive Chairman of PPBL and the board of the bank was reconstituted.

The finance ministry said FIU-India had initiated a review of Paytm Payments Bank on receipt of specific information from law enforcement agencies in respect of a few entities and their network of businesses engaged in illegal acts, including organising and facilitating online gambling.

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Benchmark stock market indices ended Friday's trading session on a weak note as banking and financial stocks declined.

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The average cost of a vegetarian thali saw a significant increase of 10% in June, driven primarily by the rising prices of onions, potatoes, and tomatoes, according to Crisil Market Intelligence and Analysis' monthly "Roti Rice Rate" report released on Friday.

June sees 10% hike in veg thali prices

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Swiggy, the prominent online food and grocery delivery platform, has introduced its own UPI (Unified Payments Interface) service, aiming to reduce reliance on external payment apps, minimize payment failures, and streamline the checkout experience.

Swiggy introduces In-app UPI to cut payment failures

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The ninth Governing Council meeting of Niti Aayog, chaired by Prime Minister Narendra Modi and comprising state chief ministers, is expected to convene in August to deliberate on the ‘Viksit Bharat @2047’ vision document.

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In a positive session for the Indian stock market, both the Sensex and Nifty indices ended the day in green territory.

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As the Monsoon Session of the Parliament gears up to begin on July 22, the nation eagerly awaits the presentation of the Union Budget 2024 by Finance Minister Nirmala Sitharaman. This event is more than just a routine fiscal exercise, it marks a historic occasion as Sitharaman becomes the first finance minister to present seven consecutive Union Budgets.

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Equity benchmark indices Sensex and Nifty reached their lifetime peaks in early trade on Thursday, driven by firm global market trends, significant buying in blue-chip stocks, and robust Foreign Institutional Investors (FII) inflows.

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Sri Lanka has successfully reached a debt restructuring agreement with its international sovereign bondholders, marking a significant step in the nation's efforts to restore debt sustainability.

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Union Minister for IT and Electronics, Ashwini Vaishnaw, announced on Wednesday that discussions regarding regulations for Artificial Intelligence (AI) are currently underway, stressing the necessity of achieving a political consensus.

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The benchmark BSE Sensex breached the 80,000 level for the first time during intraday trading on Wednesday.

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With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official has said.

India-UK FTA talks likely this month

July 7, 2024, 06:54 AM - 3 mins read

With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official has said.

First international cargo flight departs Mangaluru airport

July 6, 2024, 01:36 AM - 2 mins read

The airport's integrated cargo terminal was formally launched on Friday in the presence of officials from AAHL Cargo, Mangaluru International Airport, Customs, IndiGo, Air India Express, and CISF.

Banking stocks weigh on Nifty, Sensex loses 53 pts

July 5, 2024, 03:55 AM - 2 mins read

Despite the dip in major indices, most broader market indices ended in positive territory as volatility declined. Among sectoral indices, Nifty Financial Services and Nifty Bank were the top losers, primarily due to a significant 4.5% drop in HDFC Bank shares.

June sees 10% hike in veg thali prices

July 5, 2024, 02:55 AM - 2 mins read

The report highlighted that the cost of a vegetarian thali, which includes roti, vegetables (onions, tomatoes, and potatoes), rice, dal, curd, and salad, rose to Rs 29.4 per plate in June. This marks an increase from Rs 26.7 in the same period last year and from Rs 27.8 in May 2024.

Swiggy introduces In-app UPI to cut payment failures

July 5, 2024, 12:54 AM - 2 mins read

A source revealed that Swiggy has been testing the UPI service with its employees for the past month and plans to gradually roll out the service to all users in phases over the coming months. The UPI Plugin, launched by the National Payments Corporation of India (NPCI) in 2022, allows merchants to offer UPI payment services within their apps without needing a TPAP license.

PM Modi to chair Niti Aayog meet on India 2047 vision

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Sources reveal that ahead of the Council meeting, Finance Minister Nirmala Sitharaman will provide an initial overview of the ‘Viksit Bharat’ vision and action plan in the upcoming Budget later this month. The ambitious goal includes positioning India as a $30 trillion economy by 2047, driven by significant policy reforms and governance changes by 2030.

LIC acquires IDFC first stake, Sensex hits 80,000

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Top gainers of the day included Tata Motors, HCL Tech, ICICI Bank, Sun Pharma and TCS. On the flip side, the day's laggards were HDFC Bank, Bajaj Finance, Adani Entertainment, Wipro, and Tech Mahindra. Sectoral indices showed a mixed performance. Financial services, FMCG, media, and metal ended the day in red.

A budget for all: What to expect from Sitharaman's address

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Industry leaders like Jasvinder Bedi and Ramesh Alluri Reddy have rightly pointed out the need for a focus on skill development and formal job creation. The staffing industry plays a vital role in this regard and deserves official recognition and support. The upcoming budget must prioritize initiatives that bridge the skill gap and create a workforce ready for the demands of the modern economy.

Sensex, Nifty hit lifetime peaks on FII inflows

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Among the top performers in the Sensex pack were Tata Motors, ICICI Bank, Mahindra & Mahindra, Infosys, HCL Technologies, and Tata Consultancy Services. Conversely, HDFC Bank, IndusInd Bank, Adani Ports and Special Economic Zone, and Bharti Airtel were among the laggards.

Sri Lanka finalises debt restructuring agreement

July 3, 2024, 11:20 PM - 2 mins read

The announcement follows the finalisation of debt restructuring agreements with bilateral lenders, including India and China, in Paris on June 26. President Ranil Wickremesinghe described this earlier agreement as a “significant milestone” in bolstering international trust in Sri Lanka's debt-ridden economy.

Vaishnaw stresses need for political consensus on AI

July 3, 2024, 08:06 AM - 2 mins read

Speaking at the 'Global IndiaAI Summit', Minister Vaishnaw highlighted the importance of societal understanding of both the potential and threats posed by AI. "All sections of society must fully understand the threats and potential of Artificial Intelligence only then we should approach legal action," he told reporters.

Nifty reaches fresh peak of 24,307, Sensex surpasses 80,000

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Conversely, Tata Consultancy Services, Titan, Reliance Industries, Tata Motors, and Larsen & Toubro were the major laggards. Asian markets showed mixed trends, with Seoul, Tokyo, and Hong Kong ending in positive territory, while Shanghai closed lower. European markets traded with gains, and US markets closed higher on Tuesday.