Paytm may buy stake in Yes Bank; Govt considering linking social media accounts to Aadhaar

One97 Communications, which runs digital payments platform Paytm, is in talks to pick up stake in Yes Bank. NITI Aayog ropes in New York-based management consulting company McKinsey for a digital capability centre. 

Paytm may buy stake in Yes Bank

One97 Communications, which runs the digital payments platform Paytm, is in preliminary discussions to pick up a stake in Yes Bank, The Times of India reported. 
Vijay Shekhar Sharma, the founder of Paytm, said the structure of the deal is being discussed and much will depend on approval from the Reserve Bank of India, the report said.

If the deal goes through, a stake in Yes Bank will enable the digital payments company to lend to its payments bank consumers via the Mumbai-based bank. It can also use the bank for collecting deposits above Rs 1 lakh from its payments bank, the report added.

MeitY sends letter to UIDAI on linking social media accounts to Aadhaar

The ministry of electronics and IT (MeitY) has written to the Unique Identification Authority of India (UIDAI) to seek its opinion on linking social media accounts to the 12-digit identification number Aadhaar, The Economic Times reported.

MeitY has not yet formulated a final opinion on the matter, the report said. 

In 2018, the Supreme Court had restricted Aadhaar’s mandatory use only to generate permanent account number (PAN), income tax returns and for central government subsidies, the report added.

Digital lender MoneyTap bags NBFC license

Bengaluru-based digital lender MoneyTap announced it has received the Non-banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).

MWYN Tech, which operates MoneyTap, aims to scale its business and deepen its existing Bank/NBFC partnerships through a strong focus on tech innovation, inclusive growth and hybrid lending strategies.

MoneyTap was founded in 2016 by Anuj Kacker, Bala Parthasarathy and Kunal Varma. 

MoneyTap serves in more than 50 cities in India and has created a total loan book of Rs 1,000 crore and has achieved a disbursal run rate of Rs 2,500 crore a year. 

“India has a huge middle-class population that often needs additional funds to manage unexpected expenses, weddings, travel, education, festive shopping, etc. This is where a credit line comes in handy. An NBFC license will play a crucial role in further streamlining our business and accelerating innovation while keeping the customer at the centre,” said Anuj Kacker, chief operation officer and co-founder, MoneyTap.