Peeps using PayTM, where are you planning on migrating to?

[rsaeon]

but RBI is one of the best and well managed Central Banks across the world

It could be argued that RBI's reputation has been permanently affected by demonetization and the subsequent withdrawal of the Rs 2000 note. These are not actions of a secure or trusted institution. What other world power, regardless of corruption, has done this at any point in its history?

There are many things which he might not be aware about the lapses

His comments read as if he's privy to information that the general public is not — and that his organization is probably next in line.

The current government of India exerted control over the traditional banking system through RBI with demonetization, this level of control is just not possible with fintechs.

For better or worse, the dream of a cashless society that they sold to the masses has turned into a self-sustaining behemoth that cannot be controlled without drastic measures like what's happening with PayTM.

It looks like one of those situations where you just have to wait for the older mindsets to retire and be replaced with more forward-thinking individuals.

 

[Emperor]

but RBI is one of the best and well managed Central Banks across the world.

Raghuram Rajan, ex-governor of RBI predicted so many worst about Indian Economy & Steps/Decision took by RBI (after his departure/Resign from RBI) but NONE of any proved true. Cudos to RBI

 

[dpandey]

"In the RBI, individuals responsible for making decisions and handling calls are typically around 60 years old. They have experience managing a system of banks. However, there seems to be a lack of trust in a 40-year-old individual, especially if they are considered a Maverick, to run a core system," he said.

Holy f.... Is this guy Sam Bankman Fried's cousin?

I am glad the RBI is manned by 60 year olds, and not some 30 year old hipsters impressed by every shiny thing. Financial systems have always been regulated and rightly so. If you don't wish to comply, make a dating app.

Bernie Madoff and Sam Bankman were mavericks too. Till the bubble burst.

 

[ibose]

"In the RBI, individuals responsible for making decisions and handling calls are typically around 60 years old. They have experience managing a system of banks. However, there seems to be a lack of trust in a 40-year-old individual, especially if they are considered a Maverick, to run a core system," he said.

Ashneer Grover on Paytm Crisis: Sad Day for Startups in India, Says 60 Year Olds at RBI Lack Trust | - Times of India

Ashneer Grover, founder of BharatPe, defends Paytm in the RBI crisis. He criticizes the lack of trust in young entrepreneurs and highlights the importance of startups in India's economy. Read more on this sad day for the startup community.

timesofindia.indiatimes.com

I don't understand why do folks listen to this idiot even now. He serves only one good purpose - memes.

Let's stick to the topic unless you want the Mods to close this. The RBI action was correct.

 

[TEUser2K1]

@ibose
> Let's stick to the topic unless you want the Mods to close this. The RBI action was correct.
Unfortunately here, he is part of the topic.
As mentioned earlier, I stick to my own opinion on this:
"With this kind of attitude and the kind of errors they did (heard that, people were using one PAN card linked to multiple accounts to subscribe to IPOs, manipulating, etc.), they will be on tenterhooks with RBI /govt. leadership. Also, tooting startup horn too much, international credibility, etc., govt. should keep these kind of hardball players tough on their own game than yielding to threaten-begging for benefit of people.
Better to have multiple options similar to paytm, only if BHIM could become more better in dealing with."

 

[ibose]

Unfortunately here, he is part of the topic

Naah, you want to make him a part of this topic which then makes it all off topic.
I will defer to the Mods to pull out the irrelevant posts and post them in a separate thread where everyone can continue that debate.
Let this thread continue on the topic please.

 

[TEUser2K1]

> Grover highlighted Paytm's role as the cornerstone for numerous fintech companies, including BharatPe. He said that the latter owes its existence to the presence of Paytm.
Hope RBI scrutinize all of them and clean that ecosystem once for all.

 

[tearphones]

Remember NPCI had mandated that an app cannot have any more than 30% market share by volume of transactions?

NPCI extends UPI market share cap deadline by two years

Move brings relief to Walmart-backed PhonePe and Google Pay; Paytm believed to be against deadline extension.

economictimes.indiatimes.com

Banning PayTM will make it even more lopsided. Maybe this is an opportunity. We should start a TechEnclave Pay app.

 

[Afxal]

Banning PayTM will make it even more lopsided. Maybe this is an opportunity. We should start a TechEnclave Pay app.

Let Project Xello become a reality first then TEPay can follow.

 

[ibose]

Remember NPCI had mandated that an app cannot have any more than 30% market share by volume of transactions?

NPCI extends UPI market share cap deadline by two years

Move brings relief to Walmart-backed PhonePe and Google Pay; Paytm believed to be against deadline extension.

economictimes.indiatimes.com

Banning PayTM will make it even more lopsided. Maybe this is an opportunity. We should start a TechEnclave Pay app.

Is this cap UPI specific ? If so, then RBI has not stopped the PayTM UPI, at long as it does not involve their payments Bank.
Do all the wallet to wallet transactions also use the same UPI interface ?

 

[honest1]

Raghuram Rajan, ex-governor of RBI predicted so many worst about Indian Economy & Steps/Decision took by RBI (after his departure/Resign from RBI) but NONE of any proved true. Cudos to RBI

He is no longer a SME and his aspiration to be FM (someday !) has taken over his rational mind his statements are not more than of some politicians.

 

[tearphones]

Is this cap UPI specific ?

Oh good point. PayTM UPI should continue working fine. Although given the current sentiment, I think people will use it less, but at least it is not a technical limitation.

 

[honest1]

I am not taking him seriously. He can have his own perpective, but RBI is one of the best and well managed Central Banks across the world.
There are many things which he might not be aware about the lapses and I dont think that RBI would have done this, without knowing the far reaching implications !!!

There are voices against the whole UPI marked is skewed in favour of foreign players and there are concerns for the same.

Shaktikanta Das: RBI finally breaks silence on Paytm, "let me put the record straight," says governor Shaktikanta Das | - Times of India

RBI deputy governor, Swaminathan J, mentioned that actions against Paytm Payments Bank follow months of bilateral engagement. Regulated entities are g

timesofindia.indiatimes.com

 

[Faiz_A]

I don't use it much. But will stick to Paytm. Not interested in using PhonePay or GPay. I will use the Bank of Baroda UPI app if Paytm UPI and stuff stop working for some reason or Amazon Pay.

 

[ibose]

Paytm set to operate as third-party app for UPI: Report

One97 Communications Limited, its parent firm, is reportedly holding talks with the National Payments Corporation of India (NPCI), in this regard.

www.hindustantimes.com

 

[dpandey]

I used to use paytm wallet but stopped after they screwed up my KYC. Besides, they were slowly turning into an ad agency. Deleted the app and never missed it.

Question for UPI users. Why would you use paytm? UPI has been payed for by the govt. You shouldn't let a company use UPI service to push ads (and their other services).

Been using google pay. I do see a few ads but nothing like paytm.

 

[ibose]

You shouldn't let a company use UPI service to push ads (and other garbage).

What ads are you referring to ? I don't see any while making UPI payments. Though that could be because I have disabled all the notifications among other permissions.
I agree that the number of permissions that the app asks for is not forgivable.

 

[dpandey]

Just did a search on 'paytm ads'.

Paytm App Advertising Rates | Paytm App Ads | Advertise On Paytm App

Paytm App advertising is a proven way to boost your business. Book The Media Ant to advertise on Paytm App instantly. Get Paytm App advertising rates now!

www.themediaant.com

They advertise rates for 'Banner Ads', 'Video Ads' and 'RoadBlock Ads'

RBI has my permission to sink them

What ads are you referring to ?

Haven't used it in a long time. Maybe things have changed. I remember seeing multiple rows of animated ads in full color.

 

[TEUser2K1]

RBI governor Shaktikanta Das on Paytm Bank: Let me say it very clearly, there is no scope of any relaxation or review | - Times of India

RBI governor Shaktikanta Das clarifies that there will be no relaxation or review of the central bank's decision against Paytm Payments Bank. The RBI takes action against regulated entities after a comprehensive assessment and the decision to stop accepting deposits or top-ups in Paytm accounts...

timesofindia.indiatimes.com

 

[Rockfella]

SBI Fast tag ftw.