Paytm Payments Bank Limited (Paytm) is not allowed to accept deposits or top-ups in any customer account, prepaid device, wallet, Fastag, etc. after February 29, 2024, according to a Wednesday directive from the Reserve Bank of India (RBI). Paytm has been subject to action by RBI due to rule violations.
Paytm has taken yet another significant hit as a result of this RBI intervention. Shares of Paytm dropped 20% on Thursday. On the BSE, the shares dropped 20% to Rs 608.80. In contrast, it dropped 19.99 percent on the NSE and hit the day’s minimum trading limit of Rs 609 there. We would like to inform you that the company’s market capitalization (MCAP) dropped to Rs 38,663.69 crore from Rs 9,646.31 crore in the first trade.
In a statement, the RBI stated that ongoing non-compliance concerns led to the issuance of this directive. The RBI further stated that, in any event, the Paytm Payments Services “Nodal Account” shall be closed by February 29, 2024, at the latest.
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