Paytm CUSTOMERS WILL NOT BE ABLE TO ADD MONEY TO THEIR WALLETS

NEW DELHI, Feb. 1, 2024 (TBINN)

Fintech firm Paytm sees an impact of Rs 300-500 crore on its annual operational profit as its customers will not be able to add money to their wallets, FASTags etc. as Rezerve Bank of India barred Paytm Payments Bank Ltd (P.P.B.L.) from accepting deposits or top-ups in any customer account.

Paytm founder and C.E.O. Vijay Shekhar Sharma said that R.B.I.’s order is a “big speed bump” and shared that he could not understand the trigger for the move. “On behalf of Paytm, I can say it is more of a big speed bump but it is something that we believe that with partnership of other banks and capabilities that we have already developed, we will be able to see through in the next few days or quarters as the case will be,” he said during an investor’s call.

Central Bank has barred P.P.B.L. from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.