The Reserve Bank of India's recent action against Paytm for compliance lapses has led to a significant market repercussion, wiping $2.1 billion off its market value. The central bank's decision, which has been criticized for being harsh, has raised concerns among Paytm users about the future of their wallet and Fastag services. This comes as the fintech sector faces tough times ahead, with large startups, including Swiggy, Flipkart, and Paytm, laying off employees in an already terrible job market. The situation has garnered solidarity for Paytm's founder, Vijay Shekhar, known for his resilience.
EXPLAINER: What happens to your money with Paytm after RBI's order to halt much of its business? Here's all you need to know https://t.co/KLDjnFFXx5
Indian central bank’s clampdown wipes $2.1 billion off Paytm: https://t.co/LMSOxGqbY6 by TechCrunch #infosec #cybersecurity #technology #news
Indian central bank’s clampdown wipes $2.1 billion off Paytm https://t.co/BYXUQ4Qps1
☀️ Good morning! Here are the top tech & startup stories to begin your day with ■ Decoding #Paytm’s compliance lapses ■ Temasek exits #Policybazaar ■ Tough times ahead for fintechs ■ Takeaways from #Budget2024 ■ @rariohq reverses shutdown plan https://t.co/wlWZXnOs8I
☀️ Good morning! Here are the top tech & startups stories to begin your day with ■ Decoding #Paytm’s compliance lapses ■ Temasek exits #Policybazaar ■ Tough times ahead for fintechs ■ Takeaways from #Budget2024 ■ @rariohq reverses shutdown plan https://t.co/wlWZXnOs8I
RBI action on #Paytm indicates tough times ahead for fintech startups Many founders and investors took to public platforms to point out RBI’s directive has come across as being harsh, with the potential of affecting millions of consumers and businesses. https://t.co/TTLPdmuNVA
.@Paytm hit: Can you still use #wallet, #Fastag? All your questions answered RBI dealt a major blow to #Paytm on Wednesday. But what does this mean for you, your wallet and related services? https://t.co/EHIwuwf6DR
🆕✂️ The new year has begun on a sombre note for employees of large and well-capitalised startups as companies like #Swiggy, Flipkart, and #Paytm are laying off a sizable chunk of their teams. The latest layoffs have injected further anxiety into an already terrible job market.
RBI really went overboard this time. Not fair. Overlooking others - & penalising PayTM is NOT done! In solidarity with @vijayshekhar sir! He’s the most resilient founder I know!! Life of an entrepreneur is really hard.