MAM
Onsitego partners with Pine Labs
Mumbai: Onsitego, a device care company, has announced a strategic partnership with Pine Labs, a leading platform for EMI payments. Under this partnership, the companies aim to provide easy EMI options to consumers while purchasing Onsitego’s extended warranty and damage protection plans for their new devices. Over the past few years there has been significant increase in EMI based purchase. While affordability solutions were always available for devices, there were very few options of clubbing protection plans with devices. The partnership will allow two companies to offer the customers a unique value proposition of getting both their devices and protection plans covered under a single EMI option.
Onsitego chief revenue officer Gaurav Agarwal said, “As payment preferences evolve, we recognize the importance of offering flexible and convenient options for our customers. Our collaboration with Pine Labs will enable us to expand the device protection market and extend the benefit of our hassle-free service to a much wider audience.”
Pine Labs chief growth officer – affordability business Mayur Mulani remarked, “We are delighted to partner Onsitego and help them in their quest to provide worry-free device protection to their customers by integrating easy pay later payment options at the point of sale. Pine Labs’ robust tech stack and an ever-growing network of bank and NBFC partners is tailored to provide seamless instalment payment options for Onsitego’s customers.”
Onsitego and Pine Labs will be working together to expand the reach of this offering across all offline retailers – both modern trade and general trade.
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.
