Paytm Share Price: The Reserve Bank of India (RBI) on Saturday banned Paytm Payments Bank from adding new customers, after which on Monday, Paytm’s shares were trading nearly 70 percent below their all-time high. Seen.
Shares of Paytm’s parent company One97 Communications Ltd are currently trading at less than a third of their IPO price. On Tuesday, the shares of Paytm saw a fall of up to 11 percent on the NSE and it went up to the level of Rs 600 during trading, which is its new low so far. Earlier on Monday too, the shares of Paytm had seen a fall of up to 13 percent.
RBI takes action on Paytm Payments Bank
RBI has banned the addition of new customers of Paytm Payments Bank (Paytm Payments Bank). The effect of this is visible on the shares of Paytm. RBI has also ordered the company to conduct IT (Information Technology) audit. The Reserve Bank had said that it will allow Paytm Payments Bank to add new customers after seeing the report of the IT audit.
Accused of sharing data with Chinese firms
Bloomberg reported in a report that the RBI has taken action against fintech firm Paytm for sharing data with Chinese companies. According to the report, the RBI in a March 11 order barred Paytm Payments Bank from adding new customers as it allowed its data to go to foreign servers, which violates India’s data localization rules. was a violation. Apart from this, he did not even verify his customers properly.
Also read- Shares of Bandhan Bank jumped 7%, why Jeffries gave buy advice
What did Vijay Shekhar Sharma say on this report?
Paytm’s Chief Executive Officer Vijay Shekhar Sharma on March 14 denied a report alleging that the bank had allowed Chinese firms to leak data. Sharma is the largest shareholder in Paytm Payments Bank. Sharma said in an exclusive conversation with CNBC-TV18, “This is absolutely wrong. The report is completely factually incorrect. It is wrong to believe that the bank is sharing any data with Chinese or any other foreign entities. “
Paytm disbursed 449% more loans in January-February
Meanwhile, Paytm on Tuesday shared an update on its operation performance along with data for the first two months of the fourth quarter of FY 2022. The fintech company said it has achieved the highest monthly loan disbursal and continues to see sustainable growth in its payments business.
Paytm said in an exchange filing, “With increasing partnerships with established NBFC companies, we have observed a 449 per cent year-on-year jump in loan disbursement through our platform. We disbursed 41 lakh loans during the first two months of the quarter, of which about 22 lakh loans were disbursed in February, 2021 itself. While the loan value grew by 366 per cent year-on-year to Rs 2,095 crore.
,
