Stay updated with breaking news from Paytm Share. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The Employees' Provident Fund Organisation (EPFO) has asked its officers to refrain from accepting claims linked with accounts in Paytm Payments Bank, an associate of One 97 Communications, according to the order, which was reviewed by Reuters.
The regulatory actions were taken after giving the firm sufficient time to comply, RBI deputy governor Swaminathan J said at a press conference following the central bank's monetary policy review.
Paytm stock has been under pressure since the RBI announced restrictions on Paytm Payments Bank’s operations amid persistent non-compliances and continued material supervisory concerns.
Shares of parent company One97 Communication edged 43.35 points, or 9.61 per cent higher at 494.50, a day after surging nearly 10 per cent. RBI's decision resulted in the Vijay Shekhar Sharma led platform losing $2.5 billion off its market valuation.
Last week, the Reserve Bank of India barred the institution from any further deposit or credit transaction in customer accounts, wallets or cards after Feb. 29. It is reported that the bank’s license will be scrapped, maybe as early as next month.