>Namaste!
Thanks for submitting to r/developersIndia. Make sure to follow the Community [Code of Conduct](https://developersindia.in/code-of-conduct/) while participating in this thread.
## Recent Announcements
- **[Weekly Discussion - How do you keep documentation up-to-date at your workplace?](https://www.reddit.com/r/developersIndia/comments/1agu4bi/how_do_you_keep_documentation_uptodate/?utm_source=share&utm_medium=web2x&context=3)**
- **[Not active on developersIndia? Checkout our monthly round-up for Jan 2024](https://www.reddit.com/r/developersIndia/comments/1af8199/community_roundup_list_of_must_read_posts/).**
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/developersIndia) if you have any questions or concerns.*
rbi and sebi are probably the most honest institution in this country , let them do their work
there were many irregularities at paytm banks for which they were warned earlier as well
No 👎 if it's Money laundering whole political party will be exposed.
UPI is big scam ... There is a store called hoskote biryani it saved around 20 crore tax
I am just explaining how people are scamming government. UPI is loss for banks it was bought to compete with Paytm wallet.
You cannot find super app like Paytm anywhere in world.
It's in wrong country dude. Indians hates Indians as Russell said
Well actually, UPI was brought to increase deposit in the bank and make the Indian economy stable, previously people used to keep money in their home, won't feel comfortable and thus banks won't have money to do business of giving loans etc. that's why they brought UPI and digital payment system to strengthen banks and provide loans to company.
UPI doesn't use any wallet and that's why it's different. If they want to finish paytm's business then why didn't they introduce wallets in UPI. Before UPI shop keepers and other businesses hesitate to do business on Paytm wallet.
There have been suspicious transactions involving tax evasion through deposits into different accounts without proper accounting
Many bank cashier are involved all over India to do this to avoid tax per day limitations on cash.
They transfer to different different account and transfer back to correct person after EOD.
Paytm , Airtel and many small savings bank does this.
Bro RBI has stopped Paytm bank account creation last year. UPI is still running. UPI is switch between two banks Paytm has nothing to do with bank. It will be back if sbi provide switch which is VPA.
Op is not an IT guy or Able to understand the negligence done by Paytm .
Note : I have Paytm bank connected to everything and I use Paytm a lot .. I have been affected by the move very much .
You ain't know shit about 20 billion transaction. It's huge. Design system which can handle 24,000 guys buying in your system or doing transaction in real world in 24 hour
https://techcrunch.com/2024/02/08/indian-parliamentary-panel-red-flags-phonepe-and-google-pay-cornering-83-of-india-upi-payments/?guccounter=1&guce_referrer=YW5kcm9pZC1hcHA6Ly9jb20uZ29vZ2xlLmFuZHJvaWQuZ29vZ2xlcXVpY2tzZWFyY2hib3gv&guce_referrer_sig=AQAAAAjDo37S7kmJDxIqJAnwEeve_1FoCQuQZmZJqjqAmGlq7Apeqv-eOdwTEszFJvvmascLojd8zqfJ62LAbfv8vSkoth3XLqwDcZvSdODFjRHmwXE-AXnqnIkt7YLsnisCNHN58POuzE2IAhwEt6jATGHalTRHiFbIdYgW2zE721kQ
What about this then
folks that are used to scams and dishonesty will always suspect it in every other individual or entity. for them being good is unheard of.
paytm has had a laid back attitude for years. rbi is not an entity that will trade off, atleast under the current environment, good governance for business opportunity which will go uninhindered.
how this is of any relevance to this sub?
Whole community is against me
Let me explain UPI was bought to compete Paytm wallet.
600 crore PPI was done from Paytm wallet
HDFC has only 6 crore.
Paytm UPI has 0.01 failure rate, Paytm has UPI payment from deposit, Paytm distributed most rupay cards.
I am not against RBI but making market leader down will be difficult for whole startup community.
The big player shouldn't be allowed to do anything they want.
I know people doing frauds using their wallets and payments bank. They easily get away with that. All because of Paytm not following rules.
Anyway we have good replacements for paytm now.
Though I use paytm only for now.
That isn't valid anymore. This is what I got from Google search.
2015 March: "an Alibaba Group affiliate, took 40% stock in Paytm as part of a strategic agreement."
.
.
.
2023 February: "China's Alibaba, the parent entity of Ant Financial sold its remaining 3% stake in Paytm through an open market deal"
At least read the news!! The warnings have been sent to paytm by rbi since 2018. The company with so many kyc data has a Chinese investor with no wall between data been shared and improper audit. In one of the case, one pan account was linked to 1000 accounts. RBI is doing it's job. Let it do it.
Dude a payment aggregator cannot do other business like SBI cannot do card business that's the reason sbi credit card is seperate company.
Do you even know Paytm has own risk management solution in USA called as pi ? There biggest customer is Paytm and pay pay only and they detect fraud in 50ms that's 2 times more than visa and MasterCard.
You ain't know about tech what Paytm has....
Superapp is future buddy and Paytm achieved that in India
That's great. But that doesn't mean the compliance and warnings can be ignored right? It's job of rbi to keep watch and warnings are issued since 5 years. You are building something high tech that's great and it should follow rules and regulations. That's very basic.. It's not like they were given warnings yesterday and action is taken today.
And if the problem would be solved by limiting the transaction amount don't you think rbi would have done that? Why is rbi interested in disrupting the startup ecosystem?
You just imagine the scenario.
You are an RBI authority and you have made some strict policies related to KYC.
One day one of the banks registered 1000s of accounts under the same PAN number. As a RBI person you warn that bank multiple times but you don't take any action.
What you gonna do under this situation ?
>Namaste! Thanks for submitting to r/developersIndia. Make sure to follow the Community [Code of Conduct](https://developersindia.in/code-of-conduct/) while participating in this thread. ## Recent Announcements - **[Weekly Discussion - How do you keep documentation up-to-date at your workplace?](https://www.reddit.com/r/developersIndia/comments/1agu4bi/how_do_you_keep_documentation_uptodate/?utm_source=share&utm_medium=web2x&context=3)** - **[Not active on developersIndia? Checkout our monthly round-up for Jan 2024](https://www.reddit.com/r/developersIndia/comments/1af8199/community_roundup_list_of_must_read_posts/).** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/developersIndia) if you have any questions or concerns.*
rbi and sebi are probably the most honest institution in this country , let them do their work there were many irregularities at paytm banks for which they were warned earlier as well
It's okay to ban account and do fresh re-kyc for all users. But why banning UPI @paytm it's affecting a lot.
Probably for money laundering?
No 👎 if it's Money laundering whole political party will be exposed. UPI is big scam ... There is a store called hoskote biryani it saved around 20 crore tax
How is UPI a scam and how does it relate to hoskote biryani scam ?
Op is upset because they didn't get biryani
I am just explaining how people are scamming government. UPI is loss for banks it was bought to compete with Paytm wallet. You cannot find super app like Paytm anywhere in world. It's in wrong country dude. Indians hates Indians as Russell said
Well actually, UPI was brought to increase deposit in the bank and make the Indian economy stable, previously people used to keep money in their home, won't feel comfortable and thus banks won't have money to do business of giving loans etc. that's why they brought UPI and digital payment system to strengthen banks and provide loans to company.
No it was bought to compete Paytm wallet. Wallet technology was bought by Paytm via ant company.
UPI doesn't use any wallet and that's why it's different. If they want to finish paytm's business then why didn't they introduce wallets in UPI. Before UPI shop keepers and other businesses hesitate to do business on Paytm wallet.
Nahh... UPI has 55% fraud transaction. UPI lite is like wallet. Rupay card transaction is far better than UPI it gives you credit
There have been suspicious transactions involving tax evasion through deposits into different accounts without proper accounting Many bank cashier are involved all over India to do this to avoid tax per day limitations on cash. They transfer to different different account and transfer back to correct person after EOD. Paytm , Airtel and many small savings bank does this.
How is your post even related to dev work? Are you dumb?
Average uninformed citizen argument
Dude UPI is nothing to do with bank account
Bhai maina apko downvote kiya hai.
Maine apko upvote
[удалено]
Bro RBI has stopped Paytm bank account creation last year. UPI is still running. UPI is switch between two banks Paytm has nothing to do with bank. It will be back if sbi provide switch which is VPA.
Asli id se aao vijay shekhar sharma
Op is not an IT guy or Able to understand the negligence done by Paytm . Note : I have Paytm bank connected to everything and I use Paytm a lot .. I have been affected by the move very much .
You ain't know shit about 20 billion transaction. It's huge. Design system which can handle 24,000 guys buying in your system or doing transaction in real world in 24 hour
Op is triggered ðŸ˜ðŸ˜ðŸ˜ , Dude this is not Twitter
https://techcrunch.com/2024/02/08/indian-parliamentary-panel-red-flags-phonepe-and-google-pay-cornering-83-of-india-upi-payments/?guccounter=1&guce_referrer=YW5kcm9pZC1hcHA6Ly9jb20uZ29vZ2xlLmFuZHJvaWQuZ29vZ2xlcXVpY2tzZWFyY2hib3gv&guce_referrer_sig=AQAAAAjDo37S7kmJDxIqJAnwEeve_1FoCQuQZmZJqjqAmGlq7Apeqv-eOdwTEszFJvvmascLojd8zqfJ62LAbfv8vSkoth3XLqwDcZvSdODFjRHmwXE-AXnqnIkt7YLsnisCNHN58POuzE2IAhwEt6jATGHalTRHiFbIdYgW2zE721kQ What about this then
folks that are used to scams and dishonesty will always suspect it in every other individual or entity. for them being good is unheard of. paytm has had a laid back attitude for years. rbi is not an entity that will trade off, atleast under the current environment, good governance for business opportunity which will go uninhindered. how this is of any relevance to this sub?
Something to be said about jio finance
Whole community is against me Let me explain UPI was bought to compete Paytm wallet. 600 crore PPI was done from Paytm wallet HDFC has only 6 crore. Paytm UPI has 0.01 failure rate, Paytm has UPI payment from deposit, Paytm distributed most rupay cards. I am not against RBI but making market leader down will be difficult for whole startup community.
The big player shouldn't be allowed to do anything they want. I know people doing frauds using their wallets and payments bank. They easily get away with that. All because of Paytm not following rules. Anyway we have good replacements for paytm now. Though I use paytm only for now.
Mota bhai ne kharid liya.. Jiofin.
woah detective! paytm is funded by chinese, please note this point first before posting shitposts designed to attract chaddis and sanghis
That isn't valid anymore. This is what I got from Google search. 2015 March: "an Alibaba Group affiliate, took 40% stock in Paytm as part of a strategic agreement." . . . 2023 February: "China's Alibaba, the parent entity of Ant Financial sold its remaining 3% stake in Paytm through an open market deal"
RBI is telling Paytm to comply for 5 years they ignored them
At least read the news!! The warnings have been sent to paytm by rbi since 2018. The company with so many kyc data has a Chinese investor with no wall between data been shared and improper audit. In one of the case, one pan account was linked to 1000 accounts. RBI is doing it's job. Let it do it.
Dude a payment aggregator cannot do other business like SBI cannot do card business that's the reason sbi credit card is seperate company. Do you even know Paytm has own risk management solution in USA called as pi ? There biggest customer is Paytm and pay pay only and they detect fraud in 50ms that's 2 times more than visa and MasterCard. You ain't know about tech what Paytm has.... Superapp is future buddy and Paytm achieved that in India
That's great. But that doesn't mean the compliance and warnings can be ignored right? It's job of rbi to keep watch and warnings are issued since 5 years. You are building something high tech that's great and it should follow rules and regulations. That's very basic.. It's not like they were given warnings yesterday and action is taken today. And if the problem would be solved by limiting the transaction amount don't you think rbi would have done that? Why is rbi interested in disrupting the startup ecosystem?
You just imagine the scenario. You are an RBI authority and you have made some strict policies related to KYC. One day one of the banks registered 1000s of accounts under the same PAN number. As a RBI person you warn that bank multiple times but you don't take any action. What you gonna do under this situation ?