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