Paytm loses billions, worries of potential closure spark in market.

February 4, 2024
1 min read

The Reserve Bank of India (RBI) has ordered Paytm, one of India’s leading payments firms, to halt operations, causing a loss of $1.2bn in market value. The RBI has accused Paytm of non-compliance with central bank regulations and has raised concerns about due diligence, technology infrastructure, and the use of funds. Paytm’s payment bank, which is the core of its business, holds all of its 330 million wallet accounts and is the essential platform for its app and wallet ecosystem. Paytm is now looking for new banking partnerships to continue its business operations. Despite the setback, Paytm’s President and COO is hopeful that the company will return to normal business operations by March. However, the damage is already being felt, with Paytm’s stock price falling to a low of 609 rupees per share. Ultimately, the future of Paytm will be decided in March when a clearer picture of its prospects will emerge.

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