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Paytm shares plunge 20% after RBI orders payments bank associate to stop business

BENGALURU, Feb 1 (Reuters) – Shares of Indian payments firm Paytm, opens new tab tumbled 20% on Thursday, after a move by the country’s financial regulator to halt business at associate Paytm Payments Bank sparked fears of hits to the company’s profitability and reputation. Paytm’s stock fell to a six-week low of 609 rupees, erasing around $1.2 billion in value from the company, also known as One 97 Communications. The stock was at an exchange-imposed lower circuit. The Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets

Hemant Soren in ED custody, Champai Soren to be new Jharkhand Chief Minister

Champai Soren

Ranchi (Jharkhand) [India], January 31 (ANI): In a significant political development in Jharkhand, JMM MLAs elected state minister Champai Soren as the leader of the legislative party, paving the way for him to be the next Chief Minister of the state. The development came as Hemant Soren went to the Governor to tender his resignation as Chief Minister. He has been facing questioning from the Enforcement Directorate in a money laundering case linked to an alleged land scam. A JMM leader said that Hemant Soren is in ED custody. “The CM is in ED custody. The CM has gone to

RBI halts fresh business at Paytm Payments Bank on supervisory concerns

BENGALURU, Jan 31 (Reuters) – The RBI (Reserve Bank of India) on Wednesday restricted Paytm Payments Bank Ltd from fresh deposits and credit transactions across its services, due to supervisory concerns. An audit report revealed “persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action,” the central bank said in a release, without disclosing details of the concerns. The RBI did not specify any timeline for reviewing the imposed restrictions. Paytm Payments Bank is an associate of listed entity One 97 Communications Ltd, opens new tab, which holds a 49% stake in the unit. A payments

Varanasi court allows Hindus to pray in Gyanvapi mosque – lawyer

LUCKNOW, India, Jan 31 (Reuters) – A Varanasi court on Wednesday ruled that Hindus can offer prayers in a 17th century Gyanvapi mosque in the holy city of Varanasi, a lawyer for the Hindu petitioners said, days after a survey said the mosque was built after the destruction of a temple there. The fight over claims to holy sites has divided India, which has a Hindu majority but also the world’s third-largest Muslim population, since independence from British rule in 1947. The court in Varanasi, which is Prime Minister Narendra Modi’s parliamentary constituency in northern Uttar Pradesh state, said Hindus

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