Investors question if Paytm Payments Bank can thrive without regulator s trust. The Reserve Bank of India s ban on deposit or credit transactions has frozen the bank. Paytm can switch fintech customers to another institution but the ban signals regulatory concerns. The RBI s ban follows persistent non-compliances and material supervisory concerns. It also mandates termination of accounts of One 97 Communications and Paytm Payments Services. Confidence in Paytm s mainstream business and banking partners may be affected. Paytm s goal to turn profitable may be delayed. The investment case for Paytm weakens.