It’s an hour of reckoning for financial services firm Paytm, often touted as the poster boy of India’s digital payments revolution. On January 31, the Reserve Bank of India (RBI) asked Paytm Payments Bank Limited (PBPL) to stop new credit and deposit operations, top-ups, fund transfers and all other banking operations by February 29. Customers will only be allowed to withdraw their balances from their accounts with PBPL.
Paytm’s payment bank hosts over 330 million wallet accounts, says financial advisory firm Macquarie. The RBI order means even existing Paytm customers cannot carry out basic banking operations like credit, deposits, fund transfers, UPI transactions, bill payments, user wallets and FASTag payments, the last a space where Paytm has nearly 17 per cent market share and some 60 million users. For FY23, Paytm had posted Rs 7,990 crore in revenues.
This story is from the February 19, 2024 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 19, 2024 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A Life IN MUSIC
To celebrate five decades of a storied musical career, Padma Shri Hariharan is headlining a special concert in Delhi on November 30
MURDERS MOST FOUL
SAMYUKTA BHOWMICK'S DEBUT NOVEL, A FATAL DISTRACTION, IS A WHODUNIT THAT GOES BEYOND MERELY PAYING TRIBUTE TO THE MASTERS OF THE GENRE
Jungle Book
Avtar Singh creates a compelling tableau of characters brought together and torn asunder by migration, epidemic and circumstance
BON VOYAGE
The award-winning stage adaptation of Yann Martel's Life of Pi is coming to Mumbai this December
Earning His ACTING CHOPS
HIS LATEST STINT IN THE BUCKINGHAM MURDERS, WHICH JUST RELEASED ON NETFLIX, CEMENTS THE MULTI-HYPHENATE RANVEER BRAR'S REPUTATION AS A FINE ACTOR
Strike a Pose
SOONI TARAPOREVALA'S SERIES DEBUT WAACK GIRLS ON PRIME VIDEO SHINES A LIGHT ON THE STREET DANCE STYLE OF WAACKING
FATAL ATTRACTION
In I Want to Talk, Shoojit Sircar continues his exploration of death with the portrait of a tenacious man who beats it time and again
LOVE LETTER TO THE MOUNTAINS
'Journeying Across the Himalayas' is a new multidisciplinary festival in Delhi with a focus on the Himalayan region and its communities
The Art of CURATION
Sunil Kant Munjal, founder patron of the Serendipity Arts Foundation, on how one of our biggest multi-disciplinary festivals came about and what to look forward to in this edition
THE ROCKY ROAD AHEAD
A US court's allegations of bribery in solar power contracts and US markets watchdog SEC's charges of concealing wrongdoings have jolted Gautam Adani's business empire. Even as he mounts a strong defence against the indictment, the group faces a crisis of investor confidence that may impact its growth plans
