[Live Updates] Paytm Crisis: Everything You Need To Know About RBI Crackdown On The Fintech Unicorn

[Live Updates] Paytm Crisis: Everything You Need To Know About RBI Crackdown On The Fintech Unicorn

SUMMARY

Banks and fintechs like HDFC Bank, PhonePe, and Google Pay have deployed their field agents to convince Paytm merchants to switch to their platforms

On Jan 31, the RBI barred Paytm Payments Bank from taking any deposits or credit transactions, or top-ups in any of its customer accounts

The shares of Paytm have been on a free fall since the RBI's action and slumped to an all-time low of INR 318.35 during intraday trading on the BSE on February 16

The Reserve Bank of India (RBI) clamped down on Paytm Payments Bank on January 31, 2024, barring it from taking any deposits or credit transactions or top-ups in any of its customer accounts. The central bank also stopped Paytm Payments Bank from providing any other banking services, such as UPI facility and fund transfers, after February 29, 2024. 

Shares of Paytm have been on a free fall following the announcement of the central bank’s action on its payments bank and hit an all-time low of INR 342.35 on the BSE on February 14 (Tuesday). From reports of the Enforcement Directorate probing the lapses at the bank to Paytm’s rivals PhonePe and Google Pay making efforts to woo the fintech giant’s merchants, a lot has happened at the company since the RBI’s action.  

No results were found for "".
  • «
  • 1
  • »
modal lock

Continue Reading With A Free Inc42 Account

Get the most out of your Inc42 experience by creating a free account. Enjoy personalized recommendations, ad-lite browsing, and access to our exclusive newsletters.