Paytm faces a regulatory setback as the RBI directive causes a 20% drop in its share price

As it is nowadays, after the RBI passed the heading, Paytm's share price dropped by 20% in early trade and promoted many shares.


The Reserve Bank of India, on 31st January, disallowed Paytm payment bank from accepting deposits or top-ups in any wallet, prepaid instruments, or FASTags after February 29, 2024.

The central bank took this choice after carrying out a comprehensive system audit report and ensuing compliance approval report by external auditors.




On Thursday, Paytm, an Indian advanced payments firm established by Vijay Shekhar Sharma, misplaced a fifth of its showcase esteem after the RBI requested Paytm Payment Bank to halt tolerating new stores in its accounts or well-known advanced wallets after February 29, raising stresses over incomes from the company's primary instalments commerce.


The bank, which houses all of Paytm's 330 million wallet accounts, is vital to the company's app and wallet ecosystem, which may be hit in case Paytm cannot discover managing an account accomplices to supplant its Payment bank.



For more details, Go & check out the Financenu site.

Comments

Post a Comment

Popular posts from this blog

What is Income Tax Return (ITR): Know your ITR Status Manual

Image
Income Tax Return (ITR) is a document that is filled out by the taxpayers of India in order to provide the details of the Income Tax Department. Income tax returns need to be filed by entities and employers that receive over the set threshold of the government for exemption. This facilitates the operations of checking transactions and enables the government to monitor and collect taxes more efficiently. Importance of Filing ITR:  - Legal Compliance: The Apply for ITR online is legal requirement in India for individuals and entities; who have certain threshold income. - Financial Record: This acts like an identification card for income and tax, which may be vital when it comes to granting of loans, visas, and so many other financial activities. - Claim Refunds: Even to get a refund in case of excess tax on the employees’ side as per the provisions of Section 192 of the I.T. Act for every financial year, they prefer filing an ITR. - Carry Forward Losses: In ITR filing, one has the a...
Read more

Health Insurance and Mental Health Coverage: What to Expect in 2024

Image
It is therefore important for anyone in need of the services of health insurance plans to fully understand what the insurance covers especially in the area of mental health. Covering mental health by insurance has never been more vital in the future year of 2024. There is nothing much one can think of as far as expectations are concerned and here is why. The provision of mental health coverage Increasing demand for mental health care Mental health is a valuable component of  , health insurance and mental coverage  health insurance and mental coverage helps people live a better life. The role of mental health coverage in supporting people’s lives Mental health coverage; is an essential aspect of Healthcare; the importance of mental health coverage Advantages of having mental health cover   Mental and Physical health are interrelated, and their importance cannot be overemphasized. The reality of today’s world proves that conditions like depression, anxiety, and stress impa...
Read more

Car Loan Apply Full Process Details

Image
Thinking to buy a car loan? Well, buying a Best car loan in Noida  is quite a big challenge for the people out there but don’t worry financenu is here with a guide on the full process of car loan to give you ease. Understanding the process will help you to get the best price for your car loan and you will also have a smooth process.   Let’s delve into this article and understand the whole process. Basics Get your basics clear first. That what car loan basically is. Go through the criteria which has been set up by the loan provider. Do you set up in the criteria or not.  Always determine the amount which you need to borrow for your car loan.   Eligibility Before applying for car loan you need to know that do you come in the eligibility criteria or not. Applying for car loan you should be above the age of 21 and the maximum limit is 65.   Documentation You need quite few documents for the approval of your car loan and they include your Identity...
Read more