"End Of Paytm Payments Bank, For All Practical Purposes," Say Analysts
NDTV
The company collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the Reserve Bank of India (RBI) reported "persistent non-compliances" at Paytm Payments Bank.
Shares in mobile payments giant Paytm nosedived Thursday after regulators ordered its banking arm to stop accepting fresh deposits, dealing a fresh blow to the fintech firm after years of losses.
The company collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the Reserve Bank of India (RBI) reported "persistent non-compliances" at Paytm Payments Bank.
The RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash already deposited.
