As per latest press release OCL, will completely move its services to other bank and will only bank with other bank.
Cutting ties with their own subsidiary is something which is unheard of.
I am sure paytm payments bank will be back after some cool off period and some fines. I guess this is all done to manage their stocks 📉
https://www.bseindia.com/xml-data/corpfiling/AttachLive/02a4a3a1-8cc0-4cde-a35f-d4f70ca98377.pdf
More context - Paytm Payments Bank is owned by One97 Communications(49%), the listed entity, and its founder Vijay Shekhar Sharma (51%) and plays a huge role in the growth of the company and its prospects. PPB houses all the key products offered by Paytm including wallets, UPI and deposit accounts. All of Paytm's 330 million plus wallet accounts as well as 150 million plus UPI handles are housed in PPB.
Source: Twitter
wallet is gone now, only upi would be there
Stock has touched lower circuit, fallen by 20% today
Controversial take below: No doubt that PayTM has been a poster-boy of Indian fintech startups. And Vijay Shekhar Sharma has been an exceptional entrepreneur: building PayTM into a homegrown brand and a multi-billion dollar public compan...
One97 to hit 197 soon
After the recent RBI mandate to banks and NBFCs against unsecured personal loans, the lenders have pulled back their hands from digital lending. My company has already started facing the impact. Tomorrow onwards we won't be able to disbu...
Will Vijay Shekhar Sharma be able to revive the company in next 6 months or Paytm will lose its existence among upi customers ???
