Paytm shares dropped 20 per cent in early trade, a day after the Reserve Bank of India ordered its wholly-owned subsidiary Paytm Payments Bank to stop taking deposits from March 1.
Paytm’s share price fell to a six-week low of ₹609, down by 20 per cent in early trade at 9:45am.
What is RBI’s order on Paytm Payments Bank?
The Reserve Bank in its order on Wednesday instructed Paytm Payments Bank to cease accepting new deposits without specifying a review timeline for the imposed restrictions. Existing customers may still get interest, cashbacks, or refunds credited back.
“No other banking services, other than those…like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc), BBPOU and UPI facility should be provided by the bank after February 29, 2024,” the RBI added.
This is a developing story. Please get back to check for updates.
Source link
