Paytm crisis: The group of founders urged RBI to reassess the “proportionality of restrictions” on Paytm considering the potential impact on the payments bank, the fintech ecosystem and the broader economy.
The share price had declined by 20 per cent, 20 per cent and 10 per cent on Thursday, Friday and Monday's trading sessions respectively after RBI announced a ban on any newer deposits or top ups on accounts, digital wallets or FASTags post February 29. The central bank cited several compliance issues as a reason behind its move.
The Reserve Bank of India (RBI) is concerned that some of the accounts could have been used for money laundering, the sources said, speaking on condition of anonymity.