PSBs cite high compliance costs and rising operational expenses as reasons.
In letters to finmin, MeitY and RBI, industry body has sought compensation for any losses that could arise.
The transition comes at a time when firm’s rivals are closing the gap.
IDFC First Bank is expected to use Madhivanan Balakrishnan’s tech know-how to build a strong tech team.
Jitendra Gupta, another managing director who was heading the lending business of PayU India – LazyPay — also announced his departure last week.
In the RBI's vision document for 2021, the central bank said it would consider shifting from transaction value-based pricing slabs to a fixed minimum transaction-based pricing.
Paytm is eyeing multiple ways to expand products and start making money off users including tapping gaming, content, commerce and wealth management, said founder Vijay Shekhar Sharma.
The company will also offer financial services like educational insurance, loans and co branded smart cards to students.
The company’s Series-B round is being led by existing investors including Sequoia Capital, Ribbit Capital and Yuri Milner’s Apolleto Asia.
While the finer details are still being evaluated, payments firms are looking at fresh business opportunities in the government’s push towards penalising cash payments.
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