Founders fear impact on India’s image
Notably, the letter’s failure to grab wider support from the startup ecosystem was attributed to not wanting to rub the central bank in the wrong way.
What is RBI action against Paytm Payments Bank?
Last Wednesday, the RBI prohibited Paytm Payments Bank from accepting further deposits, crediting any transactions on customer accounts, digital wallets, etc, beyond February 29, sending shockwaves across the startup ecosystem.
The crisis snowballed, hurting Paytm shares and creating massive confusion among 20 million merchants and about 300 million customers using the financial services firm, for many of whom the Paytm application and its affiliate PPB seem synonymous.
In the wake of the RBI’s move, Paytm anticipates a Rs 300-500 crore “worst case” impact on its annual Ebitda.
Paytm refuses ED action against CEO
On Monday, Paytm refuted a news report that its parent company, One97 Communications or founder Vijay Shekhar Sharma, is facing any Enforcement Directorate action for money laundering.
(With agency inputs)
First Published: Feb 06 2024 | 9:53 AM IST