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Delhi High Court Files PIL Against Paytm

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Delhi High Court Files PIL Against Paytm,Startup Stories,Latest Business News 2019,RBI to Clarify on PIL Against Paytm,PIL against Paytm Post Paid Wallet,PIL Against Operations of Paytm Post Paid Wallet,Paytm Post Paid Wallet Latest News,Delhi High Court


Paytm Payment Bank, Paytm’s first profitable feature, landed in trouble yet again. The latest issue faced by Paytm was a Public Interest Litigation (PIL) filed against the Vijay Shekhar Sharma owned company. The reason cited in the PIL was the lack of legal authorisation when it comes to the Company’s online postpaid wallet feature.

On the 27th of May, a Delhi High Court bench headed by Chief Justice Rajendra Menon questioned the Reserve Bank of India (RBI) and Paytm to about the PIL filed against the Company for overstepping its licence.

Filed through advocate Payal Bahl, the petition said, Paytm Payments Bank Limited was initially granted an online payments licence under Section 22 of the Banking Regulation Act, 1949 by the RBI in January 2017. Shortly after, Paytm started abusing the licence and even though it wasn’t allowed to distribute loans or allow credits, it kept doing so either way.

“Paytm Payments Bank by the means of its unauthorised Paytm Postpaid has provided un-monitored and unauthorized access to the personal information such as Aadhaar, PAN, transactions etc. of the its customers to unauthorized third party, thereby clearly violating Article 21 of the Indian Constitution and other relevant banking acts,” the PIL claimed.

With this, the PIL said, Paytm’s postpaid wallet was illegal and was contradictory to the guidelines set under Section 22. The RBI was involved in the sanction because Paytm had not involved or informed the Bank about the operations of the postpaid wallet.

The Delhi High Court asked the Central Government and the RBI to file affidavits with their responses regarding the issue before the next hearing of the case on the 3rd of September.

Stay tuned for more updates.

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Uber And Bajaj Partner To Install Safety Partitions In One Lakh Auto Rickshaws

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Uber And Bajaj Partner To Install Safety Partitions In One Lakh Auto Rickshaws

Ride hailing company Uber and automaker Bajaj have partnered with each other to install safety partitions in one lakh auto rickshaws in India.  In what can be termed as a best case practice and healthy collaboration across two industries, this move comes on the back of the COVID-19 pandemic which is spreading across the world.  The installation of the safety partition aims to make Uber auto rides safer for both the driver partner and the passengers.  The safety partition also improves the brand trust and value for both Uber and Bajaj.  The partnership also aims to make travel in the new normal safer for both riders and the driver.

Safety kits consisting of face masks, hand sanitizers and vehicle disinfectants will also be distributed to 1,00,000 auto rickshaw drivers across 20 cities including New Delhi, Gurugram, Mumbai and Pune.  The other cities include Chennai, Hyderabad, Bengaluru, Mysore and Madurai.  Uber has also been using its technology to provide driver partners with training on usage of PPE kits and sanitisation protocols for their vehicles via the Uber app.  

ALSO READ: Uber Rides Are Going To Be Changed Forever In The Foreseeable Future Because Of COVID-19

Uber has resumed 70% of its operations across India since the lockdown rules have been relaxed by the government.  “We are seeing green shoots and most importantly the recovery is strongest in our auto product.  It is because of the price point, reliability and many other factors (sic,)” said Nandini Maheshwari, Director Business Development, Uber APAC, in an interview. “When you take an auto rickshaw we want you to know that you will be hundred percent safe and secure (sic.)”

“As our country opens up, we at Bajaj Auto are keen to assist our driver partners in giving a safe ride to their customers (sic,)” said Samardeep Subandh,President Intra City Business, Bajaj Auto.  Furthermore, Subandh also said “Towards that, we are reaching out to more than 100,000 drivers to install safety partitions and deliver disinfection kits irrespective of the make of the vehicle (sic.)”

 

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Storage For Rent: This Startup Idea Is Seeing A Huge Demand During COVID-19 Pandemic

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Storage For Rent: This Startup Idea Is Seeing A Huge Demand During COVID-19 Pandemic

If you could travel six months back in time and tell yourself how the world would look now, you might have dismissed it as a hoax.  The world changed suddenly when the COVID-19 virus broke out and started spreading across the world.  The virus which manifests in the form of a flu before attacking the respiratory system currently has no vaccine.  This forced governments across the world and India included, to enforce a strict mandatory nationwide lockdown.  

The lockdown was initially announced in India for just three weeks and many businesses and startups never expected it to go beyond a month.  However, the lockdown is still continuing albeit with a few relaxations, but many industries continue to be badly affected by it as they saw zero revenue in the last three months.  Many organisations and businesses have made the shift to remote work as their offices remain to be closed for fear of contracting the COVID-19 virus.  

As software companies continue to declare work from home for the foreseeable future, many employees are looking to return back home from technology hubs like Bengaluru and Hyderabad so as to save money on huge rents in the metropolitan cities considering their offices are not opening anytime soon.

ALSO READ: How The Events Industry Is Impacted By The COVID-19 Pandemic

This is where a unique concept where companies offering storage spaces for long term rent is seeing a huge spurt in demand.  As software employees in Bengaluru are slowly vacating their accommodations to move back home in order to save on rental expenses, they have no place to store their personal belongings.  Firms like SafeStorage, Storagians, StowNest Storage and MyRaksha, which provide the service (storage for rent,) have seen a spike in clients and quotation requests.  Even some gyms and restaurants, both of which are yet to reopen completely, are offering their facilities for storage in order to reduce their own rental expenses.

ALSO READ: How The COVID-19 Pandemic Affected Startup Investments And  IPOs In 2020

These storage firms offer facilities like pickup services, CCTV monitoring and individual locker facilities apart from providing insurance coverage against theft, natural calamities and fire.  Ramesh Madisetty, co founder of SafeStorage, says “We have 13 warehouses with 1.16 lakh sq ft space in Bengaluru.  We have signed up for another 27,000 sq ft facility near Whitefield.  There is a 10x jump in enquiries due to Covid-19 , from 30 to 300 now (sic.)”

Another company named Storagians, which offers storage for rent in Bengaluru has already run out of storage space and are having to turn away customer requests.  Prasanna Kumar, founder of Storagians says “Unfortunately, we are turning down customers’ requests due to the non availability of slots sic.)”

The average monthly rent is based on the volume of goods.  While goods accommodated in 1BHK are charged a monthly rental of Rs. 2,500-3,500 and it will be Rs. 4,500-5,000 for 2BHK.  As more and more enterprising people are embracing this concept, many others are racing against time to get their own facilities up so they can offer storage space for rent.  This concept will continue to see a huge demand as long as companies keep working remotely.

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Mukesh Ambani Overtakes Warren Buffet To Become 7th Richest Man In The World

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Mukesh Ambani Overtakes Warren Buffet To Become 7th Richest Man In The World

Mukesh Ambani is having one of the best years of his life as his net worth is soaring like a rocket is not showing any signs of slowing down.  Mukesh Ambani achieved a major milestone in his career as he broke into the elite and exclusive list of the richest billionaires in the world.  This milestone happened just last month when Mukesh Ambani’s net worth surged to $ 64.5 billion which catapulted him to the exclusive list of the richest billionaires in the world.

When Mukesh Ambani entered the list of the world’s richest billionaires, he was ranked at the ninth position ahead of Google founder Larry Page.  Mukesh Ambani also holds the distinction of the only Asian tycoon in the exclusive list of World’s Top Ten Billionaires.  However, Mukesh Ambani surged one place ahead as he overtook Warren Buffet, the Chief Executive Officer of Berkshire Hathaway.  Mukesh Ambani’s net worth surged to $ 68.3 billion dollars overtaking Warren Buffet’s net worth of $ 67.9 billion.

ALSO READ: Mukesh Ambani Enters Top Ten Billionaires List

Mukesh Ambani is riding on the back of a series of investments into the company’s digital unit, Jio Platforms Ltd., which Reliance claimed made the company net debt free and also proved the COVID-19 pandemic has not affected the fortunes of Reliance Industries.  The latest company to invest in Reliance is the processor chip manufacturer Intel as the invested Rs. 1,894.50 crore in Jio Platforms for a 0.39% stake.  Jio Platforms also raised capital from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubidala, ADIA, TPG, L Catterton and PIF.  While a crash in oil prices caused uncertainty in a stake sale of Reliance’s oil and chemicals division, in just two months Jio managed to attract some $ 15 billion which is more than half the investment into telecom companies worldwide this year.

Here are the latest standings in the list of the World’s Richest Billionare’s list:

  1. Jeff Bezos, net worth: $ 188.5 billion
  2. Bill Gates, net worth: $ 114.9 billion
  3. Bernard Arnault, net worth: $ 92.8 billion
  4. Mark Zuckerberg, net worth: $ 92.7 billion
  5. Steve Ballmer, net worth: $ 77 billion
  6. Larry Page, net worth: $ 71.7 billion
  7. Sergey Brin, net worth: $ 69.5 billion
  8. Mukesh Ambani, net worth: $ 68.3 billion
  9. Warren Buffet, net worth: $ 67.9 billion
  10. Larry Ellison, net worth: $ 65.8 billion

 

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