November 22, 2024
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Knowledge

RBI Clampdown: Paytm Bank Shutting Down – What Next?

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A stock has crashed more than 60% from its recent high and the market is buzzing. Yes, you guessed it right, we are talking about PAYTM.

Effective February 29, Paytm Payments Bank will no longer be able to accept new users, and even the existing users will be unable to utilise Paytm wallets, Fastags, and mobility cards after this date. The ban extends to other banking services, such as the transfer of funds, UPI, and immediate payment services. However, withdrawals will be possible.

After that announcement, Paytm Payments Bank Limited (PPBL) is associated with One97 Communications Limited (OCL), faced a major blow recently as a result, its stock plummeted around 42% in just 3days!

Why paytm share price crashed? Why RBI banned paytm payments bank? What is the Future of Paytm Bank? Are the rumors going on in the market about Paytm true? Read our today’s blog to know in brief.

RBI's Directive
The RBI banned Paytm from offering all forms of banking services due to issues of non-compliance and material supervisory concerns. Paytm Payments Bank will no longer be able to accept new users from February 29, and even the existing users will be unable to utilize Paytm wallets, Fastags, and mobility cards after this date, withdrawals will be possible.
PAYTM Violated RBI’s Guidelines Repeatedly:
This is not the first time Paytm has flouted regulatory guidelines.
  • In June 2018, an RBI audit prohibited Paytm Payments Bank to onboard new customers due to KYC process issues.
  • Further, RBI had also imposed a penalty of Rs 1 crore in October 2021
  • Rs 5 crore in October 2023 for misrepresentation and non-compliance with licensing guidelines and cyber security measures.
  • In March 2022, the bank was again directed to cease on-boarding immediately due to continued non-compliance issues.
  • In November 2023, RBI instructed banks and NBFCs to increase the risk weightage on consumer credit by 25 percentage points to 125%. As a result, Paytm had to halt its ‘buy now, pay later’ services and reduce its loan exposure below Rs 50,000.
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Recent Activities of Famous Investment Houses:
This is not the first time Paytm has flouted regulatory guidelines.
  • Paytm was already in the bad books of many investors due to its inconsistent cash flow and loss-making nature.
According to NSE Data, Warren Buffet-owned Berkshire Hathaway’s BH International Holdings booked loss of Rs 600 crore and exits from Paytm. BH International Holdings sold 1.56 crore shares worth nearly ₹1,370 crore at an average share price of ₹877.29, in a large block deal on November 24.
Regarding this INVESMATE has published a Short Video recently, You may watch via this link
watch video
  • While some recent Bullish Activity was also being observed in Paytm. According to NSE Data, Morgan Stanley Asis( Singapore) PTE bought 0.79% stake of Paytm at a price of Rs 487.20 in a Bulk Deal on 2nd February, 2024.
paytm rbi payments bank app
FACT & RUMORS:
A report from a well-known media stated that JFSL and HDFC Bank were front runners to buy Paytm’s wallet business. Jio Financial Services Ltd (JFSL) late on Monday denied reports saying that it was in talks with Paytm to acquire its wallet business. In a regulatory filing, the company said, “We clarify that the news item is speculative, and we have not been in any negotiations in this regard.Whereas “Paytm also clarified that the news was “speculative, baseless and factually incorrect” Investors who bought Paytm shares in the IPO would have faced a 77% loss to date.
Management View:
VIJAY SHEKHAR, Managing Director, PAYTM
  • Company’s Marketing and Financial Services Businesses are not affected due to RBI Directions.
  • Work has started for some Operational Change required.
  • We believe to be able to complete this in next few days/quarters through partnership with other Banks.
  • It is not possible to know in advance what we can and cannot do, RBI has not yet sent us any details about the action.
paytm payments bank and rbi ban
INVESMATE has already made a Detail Analysis Video on "PAYTM". You may go through this link to watch the video:
watch video
What are your thoughts on Paytm? Please let us know by Commenting below.

Arunava Chatterjee

Arunava Chatterjee

Founder of INVESMATE. I am a Certified Research Analyst, Value & Growth Investor, Trainer and Tech Entrepreneur. With 15 years of capital market experience, I have trained 10000+ students on INVESMATE. I have created several YouTube videos, mostly related to in-depth fundamental analysis.
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One Comment

  1. Avatar photoGanesh Debnath Reply

    I’m really glad to hear that your blog was informative. That must feel really rewarding to know that your hard work is helping people learn and grow.

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