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Paytm’s Lifeline: Morgan Stanley’s INR 244 Crore Investment

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Paytm In Crisis: Respite With Morgan Stanley Buying Shares Worth ₹244 Crore

After the jolt from the RBI, Paytm got respite when Morgan Stanley bought shares worth ₹244 crores. The RBI had put several services offered by Paytm Bank on hold after coming across several irregularities.

On Friday, financial services giant Morgan Stanley purchased shares worth ₹244 crores from Paytm’s parent company, One97 Communications. With this investment, Morgan Stanley acquired a 0.8% stake in the company. The shares were acquired via an open market transaction by Morgan Stanley, through its affiliate, Morgan Stanley Asia (Singapore) Pte – ODI. The entity purchased the shares on the National Stock Exchange (NSE), and each share was presently valued at ₹487.20, adding up to ₹243.60 crores.

Following the RBI action, the shares of the money transfer platform crashed, and in 48 hours, the values tanked by 36%. The RBI had cracked its whip and directed Paytm Payments Bank Ltd (PPBL), an associate of Paytm, to stop accepting deposits or top-ups in its accounts, wallets, and other instruments from March 1.

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It is reported that One97 Communications Ltd (OCL) holds 49% of shares in Paytm Payments Bank, while the majority 51% is held by Vijay Shekhar Sharma, founder of One97 Communications. Unconfirmed reports also talk about the RBI revoking the license of Paytm Payments Bank as early as next month.

RBI Imposes Restrictions on Paytm Bank Due to Irregularities, License at Risk

The RBI, in its investigations, found that there were some irregularities, which included abuse of customer documentation rules and non-disclosure of material transactions. The latest actions have been initiated by the RBI to protect the interests of the depositors, and a final decision could be forthcoming as early as February 29.

Paytm Bank has a long history of not adhering to RBI regulatory guidelines despite repeated warnings. Among the charges that have been stacked against Paytm Bank include:

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  • Not adhering to licensing regulations
  • Breach of day-end balances in customer accounts
  • Maintaining business contacts with its group entities, One 97 Communication Ltd. – OCL
  • Serious KYC violations
  • Serious KYC AML (anti-money laundering) violations

RBI later observed that despite repeated reminders to the bank to address these lacunae, nothing was done. Even the compliance submitted by the bank was found to be inadequate or incomplete. This forced RBI to put in supervisory restrictions and also appointed an external auditor to complete a comprehensive system audit.

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Decoding the Union Interim Budget 2024-25: What You Need to Know | By Subhashree Panda

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Manoj Nair: With a decade of news writing across various media platforms, Manoj is a seasoned professional. His dual role as an English teacher underscores his command over communication. He adeptly covers Politics, Technology, Crypto, and more, reflecting a broad and insightful perspective that engages and informs diverse audiences.

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Mona Patel Net Worth 2024: How Much is the Entrepreneur and Philanthropist Worth?

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Mona Patel Net Worth 2024: How Much is the Entrepreneur and Philanthropist Worth?

Who is Mona Patel?

Mona Patel, a renowned entrepreneur and philanthropist, has captured headlines with her remarkable achievements. Hailing from Vadodara, Gujarat, India, Patel embarked on her journey to the United States at a young age to pursue her entrepreneurial aspirations. She is a trailblazer in various fields, including business, education, and philanthropy. Her dedication to empowering women and supporting meaningful causes has earned her widespread recognition.

Mona Patel Career

Remarkable achievements and relentless dedication mark Patel’s career trajectory. She holds an impressive array of qualifications, including a Bachelor of Science degree in Computer Science from Gujarat University, a Master of Science degree in Real Estate and Finance from the University of Florida, and a Master’s degree in Business Administration from MIT Sloan School of Management, among others.

Her professional journey includes pivotal roles in esteemed organizations such as Creative Choice Group, Select Radiology, Monalisa Properties, Teliradx, HauteX Ventures, M1 Imaging, CareFirst Imaging, Culture For Cause, and RadXai. As the Co-Founder, CEO, and CFO of various ventures, Patel has demonstrated exemplary leadership and innovation, contributing significantly to the business landscape.

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Mona Patel’s Net Worth

As of 2024, Mona Patel’s net worth is estimated to be approximately $1.2 billion. This substantial wealth is a testament to her entrepreneurial acumen and strategic investments across diverse sectors. Patel’s multifaceted business ventures have not only propelled her financial success but also enabled her to make a meaningful impact on society through philanthropy and social initiatives.

Mona Patel Age

Born on April 28th, Mona Patel’s age aligns with her dynamic personality and visionary leadership. As a Taurus by zodiac sign, she embodies qualities of determination, resilience, and creativity, which have been instrumental in her journey to success.

Mona Patel Family: Husband

In her personal life, Mona Patel shares a fulfilling relationship with her husband, Chintan Desai, a successful businessman. The couple exchanged vows on November 29th, 2007, and their enduring bond is evident through their cherished moments shared on social media.

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Mona Patel Height and Weight

While specific details regarding Mona Patel’s height and weight are not readily available, her towering achievements in business and philanthropy speak volumes about her stature as a dynamic leader and role model.

Also Read: Charlotte Tilbury Net Worth 2024: How Much is the Entrepreneur and Make-up Artist Worth?

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David Yong Net Worth 2024: How Much is the CEO of the Singapore-based Evergreen Group Holdings Worth?

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David Yong Net Worth 2024: How Much is the CEO of the Singapore-based Evergreen Group Holdings Worth?

Who is David Yong?

David Yong is the CEO of Evergreen Group Holdings, a prominent Singaporean businessman, lawyer, and K-pop artist. He owns over fifteen firms spanning various industries, including wood, real estate, food and beverage, lifestyle, and finance.

David Yong Career:

Yong began his career as a trainee lawyer before joining his family’s firm in 2014. He oversees over fifteen companies, diversifying his father’s company with a strong focus on the Indochina region under the corporate umbrella of Evergreen Assets Management.

David Yong’s Net Worth:

David Yong’s estimated net worth in 2024 is $16.7 million. His wealth stems from reported shares across multiple companies, including Processa Pharmaceuticals, Inc., and QUESTCOR PHARMACEUTICALS INC. He also owns fifteen homes in Asia and holds $90 million in cash.

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David Yong Age:

David Yong is 36 years old.

David Yong Family: Parents:

Yong’s father is Yong Ing Fatt, who laid the foundation for the family’s timber logging business in Indochina. David followed his father on business trips and learned the ropes of the industry from a young age.

David Yong Height and Weight:

There is no specific information provided regarding David Yong’s height and weight in the referenced content.

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Mohammed bin Salman Al Saud Net Worth 2024: How Much is the Crown Prince of Saudi Arabia Worth?

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Mohammed bin Salman Al Saud Net Worth 2024: How Much is the Crown Prince of Saudi Arabia Worth?

Who is Mohammed bin Salman Al Saud?

Mohammed bin Salman, born on August 31, 1985, in Jeddah, Saudi Arabia, is the Crown Prince and Prime Minister of Saudi Arabia. He holds significant global influence and is known for his authoritative leadership stance.

Mohammed bin Salman Al Saud’s Career

Mohammed bin Salman’s career trajectory is notable. He graduated with a Bachelor’s Degree in Law and ventured into various entrepreneurial endeavors before becoming a formal advisor to his father, who was then the governor of Riyadh. Over the years, he ascended through political ranks, eventually becoming the Crown Prince and Prime Minister of Saudi Arabia.

Mohammed bin Salman Al Saud’s Net Worth

Mohammed bin Salman’s net worth has been a topic of interest and contention. While figures vary, estimates suggest his net worth is in the billions, with some sources citing figures around $5 billion and others suggesting figures exceeding $25 billion.

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Mohammed bin Salman Al Saud Age

As of 2024, Mohammed bin Salman is 39 years old, born on August 31, 1985, in Jeddah, Saudi Arabia.

Mohammed bin Salman Al Saud Family: Wife and Children

Mohammed bin Salman is married to Sara Bint Mashoor bin Abdul Aziz Al Saud, with whom he shares five children—three sons and two daughters. His family holds significant positions within the Saudi royal lineage, with Sara Bint Mashoor’s heritage tracing back to King Abdulaziz.

Mohammed bin Salman Al Saud Height and Weight

Mohammed bin Salman stands at a height of 6 feet 0 inches (183 cm), earning him the affectionate nickname “The Tallest” among his contemporaries. However, specific details about his weight are currently unavailable.

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Also Read: Charlotte Tilbury Net Worth 2024: How Much is the Entrepreneur and Make-up Artist Worth?

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