Paytm Q4 FY24 loss widens to ₹ 550 crore after RBI action against payments bank

Paytm, a digital payments firm, posted a wider loss in the fourth quarter due to weakness in its payments and financial services business after the central bank shut down its banking unit. In early February 2024, the Reserve Bank of India had ordered Paytm Payments Bank

Paytm Q4 FY24 loss widens to ₹ 550 crore after RBI action against payments bank

Paytm, a digital payments firm, posted a wider loss in the fourth quarter due to weakness in its payments and financial services business after the central bank shut down its banking unit. In early February 2024, the Reserve Bank of India had ordered Paytm Payments Bank, an associate of Paytm, to stop accepting fresh deposits in its accounts or digital wallets from March, raising concerns about revenue from the company's main payments business.