Hopefully Sunday 7pm calls karna band karein yeh log :-/

Private Equity

They should hire ashneer, woh din mein 1000 cr ka dhanda kadha Kiya hai .

Consultant

Are fintech companies not following the law or something else   https://www.moneycontrol.com/news/business/economy/mcexclusivepolicybazaarunderincometaxscannerforkycnoncompliance12202471.html/amp

Welcome to Indian Startups's Private Community

Are fintech companies not following the law or something else 

https://www.moneycontrol.com/news/business/economy/mc-exclusive-policybazaar-under-income-tax-scanner-for-kyc-non-compliance-12202471.html/amp

Another fintech giant under scanner

Product Marketing Manager

Another fintech giant under scanner- Grapevine

Given what RBI has gone today is effectively shut down 60-70% of Paytm’s business, to survive, Paytm will end up doing mass layoffs of a scale that we haven’t seen before in India. And potentially with limited severance (not as generous as what swiggy or Big tech has been doing)
What would this mean for the rest of job market? So much unemployment in high earning folks, limited new jobs, means very tough competition for each opening and extremely bad situation in terms of appraisals and hikes too.

Paytm layoffs? Impact on job market

Welcome to News Discussion's Private Community

https://m.economictimes.com/tech/technology/non-chinese-lending-apps-including-payus-lazypay-kissht-blocked-on-meitys-order/articleshow/97656552.cms

How safe is it to work in a fintech when RBI/govt goes on banning spree

Software Engineer

Dukaan CTO moved out of cloud to save cost,  risk analysis?

Founder

The Paytm receives yet another blow from the RBI

Paytm stonks 📉

Fintech companies

Growth Manager

I have recently got laid off from one of the Fintech firms. They have been silently letting off people since last year but the no. Of employees let go have been higher in the past 2-3 months. They have downsized by more than 100 people in the last 8-10 months to avoid PR disaster. Not naming the company but just wanted to know if this is right way to do it both from employee and employer perspective.

Fintech firm laying off

Head Of Growth

Ashneer Grover statement on RBI vs Paytm

Any basic tech and internal audit can identify these lapses outright, there seems to be more to uncover.

Paytm's transactions looks quite shady

Chartered Accountant

PAYTM Payments Bank essentially asked to shut shop. 

Afaik here are the few implications
1. Stock market will react in a bad way to them
2. Worst affected are going to be FasTag users who bought from PayTM.
3. No deposits / credits allowed in any account. Withdrawal is allowed. 
4. UPI not allowed after Feb

Paytm gets a shock from RBI

That stock is about to crash so fucking hard. Thank god i got out. The crappiest IPO of this decade.

Product Manager

Welcome to Fintech India's Private Community

Don't know whether we should be happy or sad after hearing this

1. Migrating PhonePe to India 1B $ in useless tax

2. Like that stupid separation of PhonePe from Flipkart ~0.7B $

3. Now this 3.5B$ just to increase its stake when it was already a majority owner! What's going on?

Why does Walmart keep pumping soo much money even with unnecessary things with Flipkart?

Maybe, 
  
 Taking on Reliance retail and Amazon in India? 
 Tech infra for Walmart (random guess)  
 100% or ownership yields absolute power

Data engineer

Every Fintech nowadays is running to get a NBFC licence to provide service like loan & insurance isn't the market already getting cluttered & They are just focusing on increasing their loan book & with huge default isn't that gonna impact the whole ecosystem? Has RBI turned a blind eye just because these fintech now have NBFC licence

NBFC licence

The current company which I work in is backed by YC and is one of the most toxic workplaces I have ever seen. I joined as one of the early engineers and since then the founders attitude and ego have only become worse.

The thing is they think hiring anyone in a short span of time can replace someone who’s working there for like more than 2 years and have built the product from scratch. This just infuriates me.

Startups need to realise employee retention is a thing

In India supply of candidates >>> jobs so founders don’t worry about hiring and labour laws are non-existent. Founders exploit it .

Software Developer

I know a lot of people from startup community are coming out in support of VSS & Paytm. But they are happily ignoring the news & experts' words of caution.
Look at what ex-RBI director has to say on the issue. IT WAS A DISASTER IN MAKING SINCE OCT'23.
No one is above the law of land. Startups don't mean you can innovate at the expense of compliance.
https://www.cnbctv18.com/finance/paytm-payments-bank-rbi-order-restrictions-disaster-in-the-making-18940381.htm

Startups coming out in support of Paytm

Folks, want to understand why there is so much chaos in fintech in indian startup ecosystem. I don't find one single company with well defined processes or SOP's 

Companies claim to have tall valuations as big as established conglomerates but when it comes to process or SOP's they're not even a % of it.

Has anyone else also faced and realised it? These cos have minds from all top both places yet can't setup processes makes it little unbelievable.

Fintech chaos

Sales

Why did this happen? Slice already owns an NBFC license. What does this help them achieve? 
 "to better serve their shared mission and reach more consumers who currently lack access to basic banking services"

Slice merges with North East Small Finance Bank

It helps them achieve a lot. They can take deposits, extend loans, issue cards without needing a partner and maybe start mutual funds and insurance businesses. Huge W for Slice.

Another fintech giant under scanner

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