Shares of Paytm plunged 10% on Monday, the third consecutive session of declines, touching an all-time low of 438.35 Indian rupees (or $ 5.28) after the RBI’s clampdown last week looks to have had a more extensive impact than previously anticipated. The trading was halted after Paytm’s shares fell 10%, the artificial limit put on […]
Indian central bank’s clampdown wipes $2.1 billion off Paytm
Shares of Paytm fell another 20% Friday before hitting the lower circuit that temporarily halts trading as the Indian financial services firm reels from the clampdown by the central bank. Paytm fell to 487 Indian rupees, or $ 5.88 within minutes of the market opening, the lowest it has hit in 55 weeks. Paytm shares […]
Paytm to terminate business with Paytm Payments Bank after central bank’s clampdown
Paytm said Thursday that it will cease working with its associate Paytm Payments Bank and accelerate plans to partner with other banks, after India’s central bank barred Paytm Payments Bank from conducting nearly all of its business activities due to supervisory concerns. The Noida-based financial services firm said it expects its loan distribution, insurance distribution […]
India’s central bank punishes Paytm Payments Bank with new curbs
The Reserve Bank of India issued new curbs against Paytm’s Payments Bank, which processes transactions for financial services giant Paytm, barring it from offering many banking services including accepting deposits, credit transactions, top-ups in customer accounts, prepaid instruments and wallets after February 29. Wednesday’s move follows the Indian central bank ordering Paytm Payments Bank to […]