Rolling Downhill! Paytm Shares Tumble Another 5% After ED Action
Paytm has now lost about Rs 27,000 crore or 57% of its value in the last 11 days
Source: news18.com
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Paytm ED: ED probe into Paytm on horizon; Vijay Shekhar Sharma knocks at authorities' doors
Paytm founder and chief executive officer Vijay Shekhar Sharma Tuesday met finance minister Nirmala Sitharaman in the backdrop of the banking regulators action against the fintech firm. He had met top RBI officials on Monday. A comprehensive investigation could be initiated in view of the reference after ascertaining relevant details, said one of the persons.
Source: indiatimes.com
Paytm mess likely to make industry cautious but big impact unlikely, say experts
On January 31, 2024, the RBI imposed major business restrictions on Paytm Payments Bank, including a ban on accepting fresh deposits.
Source: moneycontrol.com
Neither company nor founder and CEO being investigated by ED: Paytm
One97 Communications Ltd (OCL) has refuted media reports suggesting an investigation by the Enforcement Directorate (ED). The Reserve Bank of India (RBI) on Wednesday ordered the payments bank unit of One 97 Communications, Paytm, to stop accepting fresh deposits in its accounts or popular wallets from March.
Source: indiatimes.com
Customers, competitors redraw plans with Paytm
Paytm Payments Bank faces uncertainty as customers and competitors adjust plans. Regulator intervention may be necessary to resolve issues related to banks taking over accounts. Parent company One 97 Communications and its loan sourcing business with non-banking financial companies will also be affected. Shriram Finance and other partners are reconsidering their relationships with Paytm.
Source: indiatimes.com