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.