Paytm Crisis: RBI ordered Paytm Payments Bank to wind down most of its business, including deposits, credit products and its popular digital wallets.
Read More: Indian Railways To Start Aastha Special Train From Jammu To Ayodhya Today: Check Details Here
Paytm’s chief executive officer Vijay Shekhar Sharma and officials met the Reserve Bank of India (RBI) to discuss a roadmap to address regulatory concerns, news agency Reuters reported quoting two sources familiar with the matter. This comes after the RBI ordered Paytm Payments Bank to wind down most of its business, including deposits, credit products and its popular digital wallets, by February 29.
Read More: HDFC Bank Clarifies RBI Approval For IndusInd Stake Is For AMC & Life Insurance Arms
Paytm shares rebound
Shares of One97 Communications Ltd that owns Paytm brand rebounded today morning after three days of sharp fall. The stock jumped 7.79 per cent to ₹472.50 on the BSE despite a weak beginning to the trade. It climbed 7.99 per cent to ₹473.55 on the NSE.
Read More: Pandora Papers: ED probe names Sachin Tendulkar, Anil Ambani among offshore firm owners
In the past three sessions, the stock tumbled over 42 per cent, wiping out ₹20,471.25 crore from its market valuation. Shares of One97 Communications Ltd had hit its lower circuit limit on Monday.
