Paytm Payments Bank records Rs 30.7 crore loss in August 2016 – March ’17

Agencies
October 4, 2017

New Delhi, Oct 4: Paytm Payments Bank recorded a loss of Rs 30.7 crore between August 2016 and March 31, 2017, according to the documents it submitted to the corporate affairs ministry, reported news agency on Wednesday. The company, which formally began operations in May this year, was one of the 11 that were granted in-principle approval by the Reserve Bank of India (RBI) to set up limited banking operations — accepting deposits from individuals and small business of Rs 1 lakh per account. The bank’s first branch was opened in Noida, Uttar Pradesh.

Paytm Payments Bank logged Rs 2.47 crore as revenue during the same period, its records showed. The company, the market leader in the segment, has at least 250 million electronic payments wallets.

Paytm founder Vijay Shekhar Sharma maintains 51 per cent share in the banking company, while the rest is held by One97 Communications, which is funded by Chinese e-commerce company Alibaba — Alibaba does not have a direct shareholding in the payments bank.

At the time of opening, Paytm had said it “is in the process of expanding footprints in near future, which will be spread across metro, urban, semi-urban and rural areas. Bank has proposed to set up 31 branches, 33 controlling offices and 3,000 access points by March 31, 2018,” reported. The company did not comment on its losses.

RBI recently began allowing payment banks to operate in the country with the objective of deepening financial inclusion. Shekhar, on receiving approval for Paytm Payments Bank, had said the aim of the project is to build a new business model in banking industry, focused on taking financial services to millions of unserved or underserved Indians. Airtel and Aditya Birla Idea Payments Bank are among the companies which offer similar services.

Last month, Paytm Payments Bank said it was looking to partner full-service banks to offer more services. “Anything which we cannot offer, we will be partnering with the banks. Whether it’s going to be a loan, or a credit card, or a term deposit, and other services,” said Renu Satti, CEO of Paytm Payments Bank, was quoted as saying by news agency.

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News Network
May 6,2024

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The Israeli regime is forcibly evacuating Palestinians from the eastern part of Rafah in the southern Gaza Strip amid the prospect of its widely-discouraged ground invasion.

“The estimate is around 100,000 people,” an Israeli military spokesman told journalists on Monday when asked how many people were being evacuated.

International organizations, including the United Nations, have repeatedly warned the regime against invading the city, citing its hosting around 1.5 million Palestinian refugees.

UN Secretary-General Antonio Guterres said a ground assault on Rafah would “put the final nail in the coffin” for humanitarian aid operations in the Gaza Strip.

The UN Office for the Coordination of Humanitarian Affairs also said, “Any ground operation would mean more suffering and death,” with an official saying “It could be a slaughter of civilians.”

Multiple aid agencies, including the Norwegian Refugee Council, have likewise warned against a Rafah offensive.

The NRC said such an invasion “would profoundly exacerbate the already catastrophic levels of need and the humanitarian emergency for millions of civilians with nowhere left to go.”

The official alleged Hamas had killed three Israeli forces on Sunday, attacking them from Rafah.

The evacuation order came a sat least 22 people lost their lives in the regime’s airstrikes killed in Rafah earlier on Monday.

Rafah’s evacuation “is part of our plans to dismantle Hamas,” the Israeli spokesman added, referring to the Palestinian resistance movement that has been defending Gaza in the face of the war.

The Palestinians have fled there from the ravages of a war that the regime began waging against Gaza on October 7, following a retaliatory operation by the coastal sliver’s resistance groups.

At least 34,683 Palestinians, mostly women and children, have been killed and 78,018 others injured so far during the brutal military onslaught.

On Friday, Hossam Badran, a member of Hamas’ Political Bureau, said Israeli prime minister Benjamin Netanyahu’s insistence on carrying out a ground invasion of Rafah was a key stumbling block in negotiations aimed at a truce agreement.

The Israeli premier has said the regime would go ahead with invading the city “with or without” a truce.

Hamas has, however, asserted that the regime has failed to defeat the resistance during the war.

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News Network
May 11,2024

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Karnataka: BJP leader and advocate G Devaraje Gowda was arrested in connection with a sex abuse video allegedly belonging to Hassan JD(S) MP Prajwal Revanna.

According to police, Devaraje Gowda was arrested at Gulihal tollgate by the Hiriyur police in this district on Friday night for leaking the video in a pen drive.

He was arrested on a tip-off received by the Hassan police, which wanted his presence for the case.

Several explicit videos involving Prajwal started making the rounds ahead of the first phase of Lok Sabha elections in Karnataka, which took place on April 26.

The MP, a grandson of former prime minister H D Deve Gowda, is absconding and a 'blue corner' notice has been issued against him by Interpol.

Three FIRs, including charges of rape, molestation, intimidation, blackmailing and threatening, have been registered against Prajwal.

Devaraje Gowda is accused of leaking these videos, which he has categorically rejected.

He contested in the 2023 Assembly elections against JD(S) MLA from Holenarasipura H D Revanna.

H D Revanna, father of Prajwal, is at present in jail on charges of kidnapping a woman, a mother of three.

Ahead of polls, Devaraje Gowda had warned BJP’s central leadership against backing Prajwal Revanna and brought his sex scandal to light.

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News Network
May 8,2024

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Congress leader Sam Pitroda has stepped down from the post of Chairman of the Indian Overseas Congress and his resignation was accepted by the party. Congress leader Jairam Ramesh took to X and announced that Sam Pitroda had decided to resign from the key post "of his own accord".

Pitroda had been under fire over his controversial remark that Indians in the East resemble the Chinese while those in the South look like Africans.

"We could hold together a country as diverse as India -- where people on East look like Chinese, people on West look like Arab, people on North look like maybe White and people in South look like Africans. It doesn't matter. We are all brothers and sisters," Pitroda said during an interview with The Statesman.

The Congress immediately distanced itself from Pitroda's remarks, terming them "unacceptable".

"The analogies drawn by Mr Sam Pitroda in a podcast to illustrate India's diversity are most unfortunate and unacceptable. The Indian National Congress completely dissociates itself from these analogies," Jairam Ramesh said in a post on X.

The BJP also hit out at the Congress over Pitroda's remarks and termed them "racist and divisive".

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