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Digital payments firm Paytm lost a fifth of its market value on Thursday after the Reserve Bank of India (RBI) directed its associate Paytm Payments Bank to halt its business, sparking a meme fest on the internet.
Paytm share price today: Paytm shares tumble 20% in the early trade, a day after RBI's action on its payment bank.
RBI has banned Paytm Payments Bank from accepting fresh deposits and making credit transactions. After February 29, no further deposits or credit transactions will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc., except for interest, cashbacks, or refunds that may be credited at any time, as per RBI. Additionally, the bank is
Reserve Bank on Wednesday directed the lender to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.
Shares of One97 Communications Ltd, which owns Paytm brand, plummeted 20 per cent on Thursday as the RBI directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. RBI Action Against Paytm: Finance Tech Company Shares Slump 20%; Hit Lower Circuit Limit Amid Restrictions on Its Payments Bank.