Paytm shares drop 13% after RBI bans Paytm Payments Bank from taking new customers

Paytm Share got off to a bad start on Monday. Shares of Paytm fell 13 per cent to Rs 675 in early trade.. Earlier on Friday, the RBI had banned Paytm Payments Bank from adding new customers. This is having an effect on Paytm shares today.

The RBI has also ordered an IT audit. After seeing the IT audit report, Paytm Payments Bank will be allowed by the Reserve Bank to add new customers.

Paytm Payments Bank later said in a tweet that it was doing its best to meet the RBI's requirements. Paytm Payments Bank tweeted, “Dear customers, we value your relationship with us. We are taking all steps to comply with the RBI directions. Our existing customers can continue to seamlessly use all our banking services."

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On March 11, the Reserve Bank of India (RBI) banned Paytm Payments Bank from adding new customers. In addition, the RBI has ordered an IT audit of Paytm Payments Bank. An IT audit means that the company's IT infrastructure, ie software, is capable of bearing the brunt of many customers, what are the flaws in it and why are they coming, all these things will be investigated.

Paytm shares continue to decline

When Paytm's shares were listed, its market cap was Rs 1.39 lakh crore. But the market cap has come down to Rs 50,000 crore in just four months due to the fall in shares. On Friday (March 11, 2022), the market cap reached 50.26 thousand crore. Paytm, one of the largest IPOs in the country, was initially very popular. But investing in it has hurt investors.