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Everything About Paytm's Crisis

Inc42Inc42 · 6m
Everything About Paytm's Crisis

The Indian fintech company Paytm has seen a significant drop in its shares following actions taken by the Reserve Bank of India (RBI). The RBI has barred Paytm Payments Bank from accepting deposits, credit transactions, or top-ups in customer accounts. It has also stopped the bank from providing other banking services, such as UPI facility and fund transfers, after February 29, 2024. Paytm has experienced a decline in its shares, reaching an all-time low on the stock exchange. The company's competitors, including HDFC Bank, PhonePe, and Google Pay, have made efforts to convince Paytm merchants to switch to their platforms. The Enforcement Directorate has been investigating lapses at Paytm, and there have been reports of forex violations against Paytm Payments Bank. Paytm shares have faced consecutive declines, prompting the company to meet with the RBI officials and seek resolutions.

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