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 8,2024

Mangaluru: The Mangaluru North police have apprehended a minor in connection with alleged voyeurism incident reported in a private medical college in Mangaluru. 

DCP (Law and order) Sidharth Goyal said that the minor was produced before JJ Board as per due procedure. The incident came to light when a mobile phone was found in women's washroom in the college. 

The mobile-phone was discovered as it was ringing even when no one was in the toilet by the security guard of the college. 

Investigations revealed that the mobile phone had been strategically placed in the restroom. As a result, a case has been registered under north police station.

Further scrutiny into the matter uncovered the identity of the accused, a minor male aged 17, who had gained access to the college premises under the guise of being a patient. Following his apprehension, the accused was presented before the Juvenile Justice (JJ) Board in adherence to legal protocols.

The phone has been seized and a case has been booked under IPC section 354 (C), said the DCP.

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News Network
May 17,2024

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The United Arab Emirates has announced a 10-year Blue residency visa for individuals who have made exceptional efforts and contributions to protecting the environment.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who chaired the Cabinet meeting at Qasr Al Watan in Abu Dhabi formally approved this. 

He said the move comes in line with implementing the directives of President Sheikh Mohamed bin Zayed Al Nahyan, who had announced 2024 as the Year of Sustainability.

The Blue visa will be granted to individuals championing sustainability and the use of modern technologies in promoting the circular economy, and other relevant fields.

Sheikh Mohammed said the sustainability of our economy has become linked to the sustainability of our environment, and our national directions in this area are clear and consistent.

He also approved the National Youth Agenda, among several initiatives, instructing the Minister of Youth to prioritise five key areas: empowering youth economically, developing their scientific skills, reinforcing their national identity, enhancing their community contributions, and activating their role in representing their country on the international stage.

CEO of Artificial Intelligence

The Cabinet has approved the introduction of the post of CEO of Artificial Intelligence (AI) in all major federal entities, in line with the UAE's strategy to strengthen its position in AI.

“Today, we approved the introduction of the CEO of Artificial Intelligence role in all major federal entities, as part of the UAE’s strategy to solidify its position in the field of artificial intelligence,” the Vice President said.

The initiative aims to facilitate the integration of AI tools within these institutions, further advancing the transition toward a new era driven by cutting-edge technologies across federal entities.

University rankings

The Cabinet also endorsed a new framework for categorising higher education institutions across the nation. The forthcoming national rankings will assess over 70 higher education establishments based on the quality of their education, the employability of their graduates, the strength of their scientific research, and their collaborations with international scientific institutions.

The unveiling of these university rankings marks a significant stride in elevating the calibre of our higher education system and fostering transparency. It empowers families to make informed decisions, selecting the most suitable and exemplary educational pathways for their children,” Sheikh Mohammed said.

“During the meeting, we were updated on recent advancements in our national space sector, with our national cadres now comprising 38 per cent of personnel engaged in global space projects. Additionally, expenditure on space research has seen a 14 per cent increase."

"Our commitment remains steadfast in guiding our youth towards promising and pioneering sectors while safeguarding our environment and adopting leading international technologies within our government. Concurrently, we are dedicated to enhancing our higher education systems, ensuring a brighter future for our youth,” Sheikh Mohammed added.

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News Network
May 10,2024

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The Supreme Court Friday granted interim bail to Delhi Chief Minister Arvind Kejriwal till June 1 in the excise policy case.

The top court, however, stated that it will be passing a detailed order over the matter soon.

On Thursday, the Enforcement Directorate had opposed the move to grant interim bail to Kejriwal saying that “any special concession” to him will “amount to anathema to the rule of law and equality… thereby creating two separate classes in the country viz. ordinary people, who are bound by the rule of law as well as the laws of the country, and politicians who can seek exemption from the laws”.

The ED had arrested Kejriwal on March 21 in the excise policy case.

“The right to campaign for an election is neither a fundamental right nor a constitutional right and not even a legal right,” the ED said, maintaining that to its knowledge, “no political leader has been granted interim bail for campaigning even though he is not the contesting candidate”.

After the ED filed its affidavit, the AAP, in a press release, said, “The legal team of Delhi Chief Minister and AAP National Convenor, Shri Arvind Kejriwal, has raised strong objection to the affidavit filed by the Enforcement Directorate opposing interim bail in the Supreme Court.”

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