Alleged Paytm’s Data Leak to Chinese Firm is Completely False: Paytm Offical

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

Today, the Indian multinational technology company Paytm has revealed that the report alleging its payments bank’s data leak to Chinese firms is completely false and sensationalizing.

Earlier Monday morning, the India fintech giant attempts to reassure investors after its stock dropped 14.7 percent to $8.6 per share.

Also Read

Paytm has been prevented from adding new users, according to Bloomberg, because it broke Indian rules by enabling data to be shared with China-based firms that indirectly had an interest in Paytm Payments Bank.

In response to the news, a Paytm representative stated that Paytm Payments Bank is a homegrown bank that complies entirely with the RBI’s data localization directives.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

Paytm’s founder and CEO, Vijay Shekhar Sharma, also rejected the claim on national television, saying that the RBI’s letter to Paytm Payments Bank makes no reference of any data access, server, or data access by any means, or servers being outside of India.

The Bank’s data, according to the spokeswoman, is kept entirely within the country. We are strong supporters of the Digital India program and will continue to work to increase financial inclusion in the country.

The Reserve Bank of India, the country’s central bank, stopped Paytm Payments Bank from taking on new customers on Friday, citing serious supervisory concerns.

The India fintech giant, which has over 300 million customers and operates a variety of companies, stated that it does not expect the RBI’s action will have a significant impact on its overall company.

Paytm’s stock dropped as much as 14.7 percent on Monday before recovering slightly. Paytm’s market worth was $5.72 billion at the time of publication, down from $16 billion when the fintech startup raised funds in late 2019.

The current revelation may lower Paytm’s prospects of upgrading to a small finance bank, which the company is entitled to apply for in May, according to brokerage firm Macquarie Capital, whose analysts have been the harshest critics of the company.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.



- Advertisement -
- Advertisement -


Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.


Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.


OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.


- Advertisement -
- Advertisement -
ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King Twitter To End Free API February 9 MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly 
OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors