The Fintech Revolutionary Ways: How to Secure your Future with Secured Wealth

Company CEO Vijay Sekhar Sharma demolished all the allegations against them and said, “We would like to reiterate that the company and its associate Paytm Payments Bank Limited are not the subject matter of any such investigation. Such media reports are entirely misleading, baseless and malicious, which harm the interests of all our stakeholders.”

This is a burning example for all the booming fintech startups who were getting inspired from Paytm. The fall of Paytm showed that, overconfidence and arrogant expansion can bring a severe downfall.

Lessons the Startups should Acknowledge

Fintech is one of the most vulnerable and risky industry where minute care should be taken to flourish till the end. RBI is the apex body of Indian Banking system and concerned about minor to major monitory transactions take place in India. So, the growing fintech startup should make the mind to blindly follow the rules and regulation of RBI without having another thought or substitute.

•The booming fintech startups must comply with the KYC norms of RBI in any situation without fail. Huge number of money laundering cases were reported against which is measured in crores, because they did not complete the KYC process.

•Each of the customer’s needs to have UPI ID along with PAN card. Always check that if one pan card is being used to open several accounts.

•Paytm submittted incomplete and false compliance to RBI several times, and as its consequences, the cases of money laundering started growing, data was got leaked.

•The fintech startups should get the chance to offer their own mutual fund and insurance products to enhance their source of revenue generation and profitability.