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☆ CNBC Daily Open: No surprises for Wall Street from Powell
▼ + stars: | 2024-03-07 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A trader reacts as a screen displays the Fed rate announcement on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 13, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] India's promising ETFsTapping India's promising market isn't as straightforward for foreign investors as buying shares listed on the Indian stock exchanges. Portfolio managers highlight one of the simplest routes is through ETFs that specifically track indexes comprised of Indian stocks.

Persons: Jerome Powell's, Wang Yi, Powell Organizations: New York Stock Exchange, CNBC, Nikkei, CSI, Dow, Nasdaq, Capitol, U.S Locations: New York City, U.S, Japan, Capitol Hill, China, Israel, America

☆ India’s booming tech sector suffers a big blow as Byju’s and Paytm plunge into crisis
▼ + stars: | 2024-03-07 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

A subsequent audit "revealed persistent non-compliances and continued material supervisory concerns in the bank," the central bank said on Jan. 31. Yet to be profitable, Paytm is also reportedly being probed by the federal anti-fraud agency on possible violations of foreign exchange laws. On Feb. 26, One97 Communications, the parent company of Paytm, said in an exchange filing that founder and CEO Vijay Shekhar Sharma had resigned from the board of Paytm Payments Bank. During the pandemic, Paytm capitalized on the digital payments boom in India, reporting a 3.5 times growth in transactions. SoftBank and Ant Group are now reportedly cutting their stakes in the payments company, according to local media.

Persons: Anindito Mukerjee, There's, Karan Mohla, Paytm, Vijay Shekhar Sharma, SoftBank Organizations: Bloomberg, Getty, B Capital, Reserve Bank of India, One97 Communications, Paytm Payments, Alibaba, Ant, Ant Group Locations: Greater Noida, India

A man exercises in a gym near a barcode for Paytm, an Indian cellphone-based digital payment platform, in New Delhi on November 18, 2021. The Indian Finance Ministry, the RBI and Paytm did not immediately respond to CNBC's requests for comment. A Paytm spokesperson has denied any violation of foreign exchange laws, calling them "unfounded and factually incorrect," according to Reuters. The shares saw a massive three-day sell-off following the RBI's order last week which wiped out more than $2.5 billion in value, before a subsequent bounce. Earlier in the week, Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business.

Persons: Paytm, It's, Vijay Shekhar Sharma, Nirmala Sitharaman, Sharma, Mukesh Ambani's Organizations: Reserve Bank of, CNBC, Reuters, Indian Finance Ministry, One97 Communications, India's National Stock Exchange, Financial Services Locations: New Delhi, Reserve Bank of India

☆ India's Paytm shares pop 8% after Ambani's Jio Financial denies deal talks for wallet business
▼ + stars: | 2024-02-06 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

A restaurant advertises the use of the Paytm digital payment system in Mumbai, India, on Saturday, July 17, 2021. It comes after Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business. Hindustan Times reported Monday that Jio Financial, owned by Ambani's conglomerate Reliance, would acquire Paytm's wallet business. The report sent shares of Jio Financial up as much as 16.5% on an intraday basis yesterday. Jio Financial issued a statement to the exchange late Monday to confirm it was not in talks to buy Paytm's digital wallet business.

Persons: Mukesh Ambani's, Paytm Organizations: Financial Services, Communications, India's National Stock Exchange, Reserve Bank of India, Paytm Payments Bank, Hindustan Times, Jio Locations: Mumbai, India

☆ Paytm was once India’s hottest startup. Its shares have crashed 36% in two days
▼ + stars: | 2024-02-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

Shares of the hugely popular digital payments company have crashed by the daily maximum allowed in Mumbai for two days in a row, even though India’s stock markets have been touching new all-time highs. It also landed in hot water with regulators — two years ago, the central bank barred its banking arm from signing up new customers. Paytm stock is now trading at just 487 rupees (around $6) a share. The latest plunge came after India’s central bank cracked down further on its business. Paytm launched its payments bank in 2017 as a joint venture with founder Vijay Shekhar Sharma.

Persons: New Delhi CNN — Paytm, Paytm, ”, Manish Chowdhury, Vijay Shekhar Sharma, Sharma, Narendra Modi, ” Sharma Organizations: New, New Delhi CNN, Paytm Payments Bank, Indian, CNN Locations: New Delhi, Mumbai, India

☆ CNBC Daily Open: Hopes sink for March rate cuts
▼ + stars: | 2024-02-01 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, U.S. stocks were sharply lower after Fed chair Jerome Powell said the central bank likely won't be ready to cut rates in March. China tough place for U.S. firmsMore U.S. companies are finding it tougher to be profitable in China compared to before the pandemic. [PRO] Jefferies top picksAlibaba, ASML are some of Jefferies' "highest-conviction" stock picks to buy.

Persons: Jerome Powell, Hang Seng, Paytm, Michael Hart, Meta's, Victor Lee, Jefferies Organizations: Federal Reserve, New York Stock Exchange, CNBC, Treasury, U.S, American Chamber of Commerce, Qualcomm, Jefferies Locations: New York City, U.S, Asia, Hong Kong, South Korea, India, Mumbai, China

☆ Southeast Asia is on the cusp of a 'supercharged' digital payments revolution, PwC says
▼ + stars: | 2023-11-29 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Widespread mobile ownership, together with rapid digitalization after the pandemic, helped spur the expansion of digital financial services in Southeast Asia, said PwC. PwC"This enhanced availability and convenience of digital payments will see the bulk of the regional population leveraging mainstream digital financial products, such as e-wallets, further expediting the expansion of financial services," said PwC. watch now"Consumers are adopting digital financial services at a rapid pace. Cash is no longer king, as digital payments now make up more than 50% of the region's transactions," a recent Google, Temasek and Bain & Company report wrote. "In some regions such as Southeast Asia, [digital payments via e-wallets] are already more common than physical card payments and set to dominate point-of-sale [systems] overall," wrote Dan Jones and Alex Walker of OliverWyman.

Persons: PwC, hawkers, —, Cash, Dan Jones, Alex Walker of OliverWyman Organizations: Banking, Getty, Careem, Mercado Libre, Temasek, Bain & Company Locations: China, East Asia, Shanghai, Banking Asia, Asia, Southeast Asia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Brunei, Laos, Cambodia, Paytm, India, AliPay, Latin America

The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsMUMBAI, Nov 28 (Reuters) - Chinese payments group Alipay plans to sell its 3.4% stake in Indian food delivery giant Zomato (ZOMT.NS) for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal's term sheet. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. In October, Japan's SoftBank (9984.T) sold a 1.1% stake in Zomato, which is India's biggest food delivery service. In August, China's Antfin sold a 10.3% stake in Indian financial giant Paytm (PAYT.NS).

Persons: Florence Lo, Morgan Stanley, Alipay, Japan's SoftBank, China's Antfin, Sriram, Aditya Kalra, Susan Fenton Organizations: REUTERS, Rights, Ant Group, Reuters, Bank of America, Tech, Thomson Locations: Rights MUMBAI, Zomato

☆ Warren Buffett pays for Indian payments punt
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsMUMBAI, Nov 27 (Reuters Breakingviews) - Berkshire Hathaway’s (BRKa.N) foray into the digital payments industry in India did not go well. Warren Buffett’s investment firm on Friday sold its remaining shares in $7 billion Paytm, some five years after making its initial investment, locking in a more than 20% loss, per Breakingviews calculations. But Berkshire only invested $260 million, barely a blip next to its $700 billion-odd of assets at the time. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Warren Buffett, Rick Wilking, Warren, –, Vijay Shekhar Sharma’s, it’s, Antony Currie, Katrina Hamlin Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Rights, Reuters, Berkshire, X, Thomson Locations: Omaha , Nebraska, Rights MUMBAI, Berkshire, India, Una, China, Rome

☆ Buffett's Berkshire Hathaway exits India's Paytm in $165 million deal
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rupak De Chowdhuri/File Photo Acquire Licensing RightsBENGALURU, Nov 24 (Reuters) - Billionaire Warren Buffett's Berkshire Hathaway (BRKa.N) has exited India's Paytm (PAYT.NS) after selling its entire stake in the company for about 13.71 billion rupees ($164.70 million) through a bulk deal on Friday. Berkshire Hathaway's BH International Holdings has sold more than 15.6 million shares of the digital payments firm, with a weighted average price of 877.29 rupees per share, exchange data showed. Who the buyers of the Paytm shares are is not known. Paytm did not immediately respond to a Reuters request for additional details, while Berkshire was not available for comment. As of September 2023, BH International Holdings had a 2.46% stake in the company, as per exchange data.

Persons: Warren Buffett's Berkshire Hathaway, Paytm, Vijay Shekhar Sharma, Hritam Mukherjee, Sonia Cheema, Pooja Desai Organizations: REUTERS, Rights, ., Holdings, BH International Holdings, SoftBank, HK, Ant, Thomson Locations: Kolkata, India, . Berkshire, Berkshire, Bengaluru

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ ‘Best performing emerging market’: Analysts name stocks to cash in on India’s boom
▼ + stars: | 2023-10-13 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

"India has been the best performing Emerging Market in terms of USD returns at 8%, surpassing Brazil at 6%," they wrote. In terms of asset allocation, AllianceBernstein is overweight on financials, while allocating a small portion of this weight to utilities. Delhivery is another favorite stock, with a price target of 460 Indian rupees, giving it around 5% upside. Electricity generation company NTPC made the list for its opportunities in thermal, renewables and green hydrogen, the analysts wrote. The asset manager is overweight on the stock at 274 Indian Rupees representing an upside of almost 15% from its Oct. 11 close.

Persons: AllianceBernstein, Venugopal Garre, Zomato, NTPC, Paytm, it's, — CNBC's Michael Bloom Organizations: Stock, HDFC Bank, Jio Financial Services Locations: India, Brazil

☆ India's central bank imposes penalty on Paytm Payments Bank
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Oct 12 (Reuters) - India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions. According to the Reserve Bank of India (RBI), Paytm Payments Bank had failed to identify beneficial owners of entities on-boarded by it for providing payout services. It also did not monitor payout transactions and carry out risk profiling of entities availing payout services, among others. The RBI had last year barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. Paytm Payments Bank had also breached the regulatory ceiling of end-of-the-day balance in certain customer advance accounts that were availing payout services, the central bank said in a statement.

Persons: Dado Ruvic, Vijay Shekhar Sharma, Antfin, China's, Ashish Chandra, Sohini Goswami Organizations: REUTERS, Rights, Paytm Payments Bank, Reserve Bank of India, Bank, Google, HK, Thomson Locations: India, Paytm, Bengaluru

WhatsApp has more than 500 million users in India, though regulators there have capped its in-app WhatsApp Pay service to only 100 million people. People shopping on WhatsApp could also pay using popular services like Alphabet Inc's (GOOGL.O) Google Pay, Paytm (PAYT.NS) and Walmart's (WMT.N) PhonePe but only after being redirected outside WhatsApp. Payments via those rival services - and any others that run on India's instant money transfer system UPI - will now be possible directly within WhatsApp, Meta said in a blog post. While WhatsApp Pay users will remain capped in India, there is no such limit on the number of users permitted to transact with businesses on WhatsApp using the other methods, a Meta spokesperson said. With some 300 million people spending about $180 billion via India's using UPI each month, the new transaction options could serve as a powerful lure to attract businesses to pay Meta for access to WhatsApp users.

Persons: Dado Ruvic, WhatsApp, Meta, Mark Zuckerberg's, Mukesh Ambani, Aditya Kalra, Katie Paul, Munsif Vengattil, Lisa Shumaker Organizations: REUTERS, Meta, Google, UPI, Facebook, Thomson Locations: India, WhatsApp, Chennai, Bangaluru, New Delhi, New York

☆ India's Paytm launches $12 'soundbox' that accepts card payments
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Paytm app is seen on a smartphone in this illustration taken, July 13, 2021. Paytm, which competes with players such as Google Pay and Walmart's PhonePe in India, rose to fame as digital payments gained traction after India banned some high-value currency notes in 2016. Every segment of merchants, from vegetable vendors to big showrooms, have started accepting digital payments. "We have found that merchants and consumers need card acceptance as simply as mobile payments with Paytm QR Code," Vijay Shekhar Sharma, founder and CEO of Paytm said in a statement on Monday. Pine Labs had said their "price-friendly product" was expected to boost digital payment adoption in India.

Persons: Dado Ruvic, Vijay Shekhar Sharma, Paytm, PhonePe, Eileen Soreng Organizations: REUTERS, Rights, Monday, Visa, Mastercard, American Express, Pine Labs, Google, QR, Labs, Companies, Sethuraman, Manvi, Thomson Locations: India, Manvi Pant, Bengaluru

☆ Paytm CEO Sharma to buy stake worth $628 mln in co from Antfin Holding
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Paytm founder and CEO Vijay Shekhar Sharma delivers a speech during his company's IPO listing ceremony at the Bombay Stock Exchange (BSE) in Mumbai, India, November 18, 2021. Sharma's stake purchase from Antfin (Netherlands) Holding B.V. is valued at $628 million, as per Paytm's last closing price of 796.6 rupees a share. Sharma's stake in the digital payments firm will increase to 19.42%, while Antfin's shareholding will reduce to 13.5%. The company added that there would be no change in the management or control of Paytm, with Sharma and the existing board continuing in their roles. Reporting by Varun Vyas in Bengaluru; Editing by Dhanya Ann Thoppil and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Vijay Shekhar Sharma, Niharika Kulkarni, Sharma, Varun Vyas, Dhanya Ann Thoppil, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Thomson Locations: Mumbai, India, BENGALURU, Antfin, Netherlands, Bengaluru

☆ India's Paytm says quarterly revenue rises 39% as loan demand soars
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, July 22 (Reuters) - Indian digital payments firm Paytm (PAYT.NS) reported a 39% rise in quarterly revenue, helped by soaring demand for loans. Operating profit came in at 840 million rupees, compared with an operating loss of 2.75 billion rupees, while the net loss narrowed to 3.57 billion rupees. Paytm defines operating profit as core profit before cost of employee stock-owning plans. It first reported an operating profit for the final three months of 2022 – nine months ahead of schedule. Quarterly expenses were up 15.9% at 28 billion rupees, with appraisals during the period driving up employee costs 21%.

Persons: Nandan Mandayam, Pooja Desai, Mike Harrison Organizations: Communications, Unified, Thomson Locations: BENGALURU, Bengaluru, Siddhi Nayak, Mumbai

☆ India’s push to democratise credit tests limits
▼ + stars: | 2023-06-30 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Yet barely half of them have active loans and only up to 10% have a credit card. That’s why the regulator is allowing the use of RuPay credit cards, the country’s low-cost answer to Mastercard (MA.N) and Visa (V.N), for UPI payments. Earlier, in June 2022, the central bank had allowed lenders to link RuPay credit cards to UPI accounts. HDFC Bank became the first private bank to go live on UPI with RuPay credit cards in February. Paytm tied up with SBI Cards and Payment Services in May to issue RuPay credit cards to its consumers via UPI, offering cashbacks on small-value payments.

Persons: It’s, Paytm, –, Bernstein, Una Galani, Pranav Kiran, Thomas Shum Organizations: Reuters, UPI, Google, Reuters Graphics Reuters, Mastercard, Visa, Merchants, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, One97 Communications, Reserve Bank, Tiger, Uni, “, Reserve Bank of India, SBI Cards, Services, Thomson Locations: MUMBAI, India, Punjab

☆ India's Mankind Pharma soars 31%, valuing condom maker at almost $7 bln
▼ + stars: | 2023-05-09 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

BENGALURU, May 9 (Reuters) - Shares of Manforce condom maker Mankind Pharma Ltd (MNKI.NS) surged as much as 31% in debut trading on Tuesday, valuing the company at 566.43 billion rupees ($6.93 billion) in the country's biggest listing so far this year. The company, which also owns India's top at-home pregnancy testing kit Prega News, opened at 1,300 rupees, staying above that mark through the morning session and hitting its highest at 1,414 rupees. It was seeking a valuation of 432.64 billion rupees ($5.29 billion) at the upper end of a price band it set for its initial public offering last month. The strong debut will likely lift the sentiment for the IPO market overall." The company's IPO had an offer for sale of shares worth 43.26 billion rupees from existing shareholders, including its founder Ramesh Juneja, and allocated 12.98 billion rupees worth of shares to 77 anchor investors including Canada Pension Plan Investment Board, Government of Singapore, Goldman Sachs and Abu Dhabi Investment Authority.

☆ Financials bounce back from Friday's slide to lift Indian shares
▼ + stars: | 2023-05-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 (.NSEI) was up 0.81% at 18,215.75 as of 10:04 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.87%. Nifty Bank (.NSEBANK) and Nifty Private Bank (.NIFPVTBANK) also gained over 1%. On Monday, IndusInd Bank Ltd (INBK.NS) rose nearly 5% and was the top Nifty 50 gainer. Analysts expect the Nifty 50 to witness consolidation in the near-term with resistance seen near 18,200 levels. read more($1 = 81.7330 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Paytm focused on reaching financial milestone 'in near future,' CEO says
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 7 (Reuters) - Indian digital payments firm Paytm (PAYT.NS) aims to become "free cashflow positive in the near future," chief executive Vijay Shekhar Sharma said in a letter to shareholders on Sunday. "This has been possible by disciplined resource allocation and focusing on what has become our core revenue and growth driver - payments and financial services distribution business," he said. Positive free cash flow is when a company has sufficient funds to invest back into the business for growth. Paytm's parent, One 97 Communications Ltd (PAYT.NS), said revenue rose to 23.35 billion rupees ($285.80 million) in the three-months ending March 31, from 15.41 billion rupees a year earlier. The advent of early-stage artificial general intelligence (AGI) in 2023 will help bring efficiencies in the business, Sharma said.

Bharadwaj, a former India managing director of Sequoia Capital who now leads venture capital firm A91 Partners. Indian VC firm Blume Ventures said in an April report consumption outside the top 30 million Indian households dropped sharply, and is driven by a "tiny superuser set". "Indian startups are not catering to a billion consumers. And only 271 Indian startups raised funding in Q1 2023, compared with 561 last year, according to CB Insights. It invested $3 billion in Indian companies in 2021 and another $500 million in 2022, by April that year, Reuters calculations show.

Organizations: & & .

☆ India startups call for antitrust probe of Google in-app billing fee
▼ + stars: | 2023-04-06 | by ( Aditya Kalra | ) www.reuters.com time to read: +3 min

[1/2] A woman walks past the logo of Google during an event in New Delhi, India, August 28, 2018. REUTERS/Adnan AbidiSummarySummary Companies Indian startups protest Google's in-app feeLatest challenge to Google in key marketIndian startups say Google bypasses antitrust orderGoogle has said app payment fee covers services, securityNEW DELHI, April 6 (Reuters) - Top startups in India have called on the country's competition watchdog to launch an inquiry into Alphabet's Google (GOOGL.O) for allegedly bypassing an antitrust directive by charging a high service fee for in-app payments, a filing shows. The Alliance of Digital India Foundation (ADIF) filing marks the latest tussle between Google and Indian startups, which have repeatedly criticized the U.S. company for imposing unfair business restrictions that hurt smaller players. Details of the ADIF filing, which was reviewed by Reuters on Thursday, have not previously been reported. "The policy of UCB is unfair and the same would lead to unjust enrichment to Google," the filing said.

Vahia is one among India’s young and aspirational 1.4 billion population, whose propensity for online spending has attracted global companies and digital platforms. And as private consumption underpins economic growth in India, financial investors are targetting new ways to tap into it. India's per capita consumption of food was at $314 in 2020 compared to $884 for China, while that of clothing stood at $53.9 versus $212.9 for China, data from CLSA showed. FOREIGN INVESTORS JUMP INWith private consumption accounting for 60% of India's $3.5 trillion GDP, foreign portfolio investors have been quick to latch on. To be sure, it has not been all smooth sailing for investors as they chased India's consumption boom.

☆ India's Paytm wins regulator extension for payment aggregator licence application
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

March 26 (Reuters) - Indian financial technology company Paytm Payments Services Ltd has received an extension from the country's banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said on Sunday. Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company said in a notification to stock exchanges on Sunday. Paytm Payments Services Ltd is a wholly owned subsidiary of One 97 Communications (PAYT.NS). Payment aggregators, platforms that bring together various online payment options, must be licensed by India's central bank and banking regulator, Reserve Bank of India. In November, India's banking regulator had declined a payment aggregator licence for the One 97 Communications unit that owns the popular Paytm brand.

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