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Paytm's market cap slipped below Rs 45,000 crore on the BSE during early trade hours.

RBI's diktat has not only sent One97 Communications' share price plummeting, it also threatens the bank's future plans.

RBI tells Paytm Payments Bank to stop adding new customers

RBI issues instructions to Paytm Payments Banks: The Reserve Bank of India (RBI) directed the Paytm Payments Banks to stop onboarding new customers with immediate effect. This is a huge setback for the digital finance services of Paytm. RBI took the call based on several material supervisory concerns that are observed in Paytm Payments Bank.

Onboarding of new customers by Paytm Payments Bank will be subject to specific permission to be granted by RBI after reviewing reports of the IT auditors.

The Reserve Bank of India (RBI) Friday coordinated Paytm Payments Bank Ltd to quit onboarding new clients with quick impact and lead a far-reaching review of its IT framework, referring to 'material administrative worries'. Onboarding of new clients by Paytm Payments Bank will be dependent upon explicit authorization to be allowed by RBI after looking into the report of the IT examiners, the RBI said. 'This activity depends on specific material administrative worries saw in the ba...

Paytm Payments Bank Ltd has been asked by the Reserve Bank of India (RBI) to stop onboarding new customers.

This action is based on certain material supervisory concerns observed in the bank, RBI noted.

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The Reserve Bank of India (RBI) on Friday said it has banned Paytm Payments Bank from onboarding new customers with immediate effect.