Paytm Share Price: There is a rush to sell Paytm’s shares, the stock price fell by 20 percent, know the reason
[ad_1]
Paytm Share Price: Paytm’s share price fell flat at the opening hours this morning. One97 Communications i.e. Paytm (One 97 Communications Ltd) has been ordered by RBI to close its operations from 29th February. At 12.30 pm the company’s share price fell by 19.99 percent i.e. Rs 152.20 to Rs 609. Earlier on October 20, 2023, Paytm’s share price had reached Rs 998.30, which is a high of 52 weeks. In the last one year, the company’s shares have given a return of 16.25 percent i.e. Rs 85.15 to the investors.
What is the order of RBI?
The Reserve Bank of India (RBI) on Wednesday directed Paytm Payments Bank Limited not to accept deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag after February 29, 2024. However, any interest, cashback or refund can be credited to Paytm Payments Bank Limited (PPBL) customers at any time. Giving information about this in a statement, RBI said that this step has been taken after the comprehensive system audit report and compliance verification report of external auditors. These reports raised concerns regarding continued non-compliance with regulations and material supervision at the payments bank. Earlier, on March 11, 2022, RBI had stopped PPBL from adding new customers with immediate effect.
Payment bank will not do any work
RBI said that Paytm Payments Bank customers will be allowed to withdraw or utilize the balance from their accounts including savings bank accounts, current accounts, prepaid medium, Fastag, National Common Mobility Card (NCMC) without any restriction.
Paytm group company PPBL did not comment on the RBI directive against the bank. RBI also said that the ‘nodal accounts’ of One97 Communications Limited and Paytm Payments Services, the company operating Paytm, should be closed as soon as possible before February 29.
Earlier transactions have to be settled by March
One97 Communications holds a 49 percent stake in Paytm Payments Bank Ltd. but classifies it as an associate, not a subsidiary. RBI said that the transactions already done and settlement of nodal accounts should be completed by March 15, 2024 and no further transactions will be allowed after that. Earlier, NHAI arm IHMCL stopped Paytm Payments Bank from issuing new Fastags. It had found that PPBL was not adhering to the standards stipulated in the service-level agreement.
,language input,
[ad_2]
Source link