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The Reserve Bank of India (RBI) has taken action against Paytm Payments Bank, restricting the acceptance of deposits and top-ups in customer accounts, wallets, and FASTags beyond 29 February 2024. This decision follows reported non-compliance with regulations and supervisory concerns, as outlined in the RBI's statement citing persistent non-compliances and material supervisory concerns.
Effective after the specified date, no further deposits or credit transactions, with the exception of specific credits such as interest, cashbacks, or refunds, will be allowed. However, customers will retain the ability to make unrestricted withdrawals or utilize their balances up to the available amount.
This regulatory measure by the RBI comes subsequent to its earlier directive issued in March 2022, instructing Paytm Payments Bank to halt the onboarding of new customers immediately.
Shares of One 97 Communications ended flat at Rs 761 today.
One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.
One 97 Communications (Paytm) reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year, due to accelerated GMV growth, higher device addition, and growth of financial services business.
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