According to a key executive of India’s Paytm Payments Bank, which enables transactions on the mobile commerce platform Paytm, the central bank would allow it to continue taking on new clients in the coming months.
India’s Reserve Bank of India (RBI) has ordered a comprehensive audit of the company’s IT systems, citing “material” supervisory concerns.
Paytm is backed by China’s Alibaba Group Holding (9988.HK) and its affiliate Ant Group (688688.SS).
In March, the company denied a Bloomberg news report that said its servers were sharing information with China-based entities that indirectly own a stake in the firm.
India’s biggest e-commerce player, Paytm, has said its operating expenses will not grow as fast as last year due to lower investment in new businesses and employee costs. “We are seeing good growth in high margin businesses and as a result we are seeing improvements in contribution margin,” says Vijay Sethi, the chief financial officer of the company.
This report’s information was first seen on Reuters; to read more, click this link.
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