MAM
Moneycontrol Pro clocks in 100,000 individual subscribers
MUMBAI: Moneycontrol Pro has crossed an active subscriber base of 100,000 consumers in less than five months of launch. Catering to the needs and preferences of consumers following financial markets, Moneycontrol Pro offers cutting-edge research, sector trends and review, investment analysis and advice by experts along with a personalized look for every user. The app is an ad free platform.
Commenting on the achievement, Moneycontrol Business Head, B2C Revenue Manoj Nagpal said, “Seeing the sheer number of subscribers that the Moneycontrol Pro has been able to garner since its launch in April has certainly surpassed our expectations. Behind this success has been the dedicated and committed team at moneycontrol who have come together towards producing an app that provides immense value to our customers. With the subscriber and their app experience being of utmost importance to us, we have offered them a host of enhanced features with the latest technology that provides them seamless interaction on the app.”
Such has been its undisputed presence over the financial sector amongst investors, that moneycontrol pro successfully added a subscriber every minute in the month of October, the busy festive season when markets saw a steady upsurge. Offering its subscribers more insight and providing the very best of quality in terms of technology and finance has seen the app reign supreme amongst its competitors.
Network18 CEO -Digital & President – Corporate Strategy Puneet Singhvi, commented, “It gives our group immense pleasure in announcing the landmark figure of 1 lakh individual subscribers of Moneycontrol Pro, our very first and ambitious subscriber based product. Moneycontrol Pro has made a name for itself in the business and finance sector owing to its up-to-date innovations and has continued to remain the market leader in the industry. Milestones like these are testaments to the brand moving in the right direction and has given us ample room for optimism to provide more personalized and best-in-class services in the coming future.”
The premium services include interactions with market gurus, providing profit ideas from their expert and research team who provide industry perspective to help their users/ investors be on top of their game and make a much-better investing decision. With the customer at the very core of their brand ethos, Moneycontrol Pro has always strived to provide the best in class services to its users. Its other offerings include a personalized calendar of important business events that enable the users to stay updated at all times along with them staying abreast of growing trends and analysis in an easy to use & follow format.
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
