The Reserve Bank of India's (RBI) recent 'over the top' actions against Paytm Payments Bank, which include a technical audit revealing improper flows of money and data between the bank and other Paytm entities, are expected to impact the company's annual operational profit by Rs 300-500 crore. Discussions of further penalties, potentially as severe as revoking the bank's license, have been reported. The central bank's stringent measures have led to a significant devaluation of Paytm's market value, with a reported loss of $2.1 billion following the clampdown. Public reactions include Ashneer Grover's comment on the RBI's restrictions on Paytm.
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A technical audit by the RBI found money and data traffic flows between the tightly regulated Paytm Payments Bank and the rest of the Paytm universe that created accounting and supervisory problems, sources say https://t.co/BpJBfBNu9w
India's central bank has discussed more penalties on Paytm Payments Bank, including revoking license - sources
STORY | RBI order to have impact of Rs 300-500 crore on annual operational profit: Paytm READ: https://t.co/0BgPUiJN2i https://t.co/w4uNKQRqzI