Paytm stopped the enrolment of new customers on its platform

Apple Inc became the first $1 trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by the ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

The tech company’s stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when its reported June-quarter results above expectations and said it bought back $20 billion of its own shares. Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand, and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

Apple’s stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble, and AT&T. It now accounts for 4 percent of the S&P 500. The Silicon Valley stalwart’s stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500’s approximately 2,000-percent increase during the same almost four decades. One of three founders, Jobs was driven out of Apple in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy.

He launched the iPhone in 2007, dropping “Computer” from Apple’s name and super-charging the cellphone industry, catching Microsoft Corp, Intel Corp, Samsung Electronics and Nokia off guard. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest U.S. company by market value. During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following. Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company’s profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

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Paytm has stopped the enrolment of new customers on its platform, following observations made by the RBI (Reserve Bank of India), four people with knowledge of the matter have reportedly said.

According to a report, Paytm stopped enrolling new customers on June 20, following an audit by the RBI, which made certain observations about the process the company follows in acquiring new customers and its adherence to know-your-customer (KYC) norms, three of the four people said, requesting anonymity.

Additionally, Paytm is modifying its “account opening process to introduce ‘current accounts’ due to which new account creation process has been currently paused.

Recently, Paytm Payments Bank CEO Renu Satti has resigned from the role and will now head Paytm’s new retail initiative. The company will look for a replacement for Satti, who had taken over the CEO role last year.

“Renu Satti will be leading the charge as COO of this new (retail) initiative… She has already resigned from Paytm Payments Bank CEO position and the Bank will soon be recruiting a new CEO,” Paytm said in a statement.

In the past, Satti has built businesses ground up that include the marketplace, movie ticketing and most recently Paytm Payments Bank. “She has been a champion of new business launches and her acumen makes her a perfect candidate for leading this important launch,” the company said.

Under its ‘New Retail’ model, consumers will soon be able to discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries.

Paytm is also building P2P logistics with a network spread across the country which will be utilized for intra-city deliveries, the statement said. The company has already partnered with a large network of local shops, restaurants, pharmacies, and groceries for accepting Payments and will soon extend New Retail’ services to them, it added.