RBI order to have impact of ₹300-500 crore on annual operational profit: Paytm
The Hindu
The Reserve Bank of India’s (RBI) order to stop almost all services of Paytm Payments Bank after February 29 will have an impact of ₹300-500 crore on annual operational profit of the company.
The Reserve Bank of India’s (RBI) order to stop almost all services of Paytm Payments Bank after February 29 will have an impact of ₹300-500 crore on annual operational profit of the company.
The Central bank on January 31 barred Paytm from accepting deposits or top-ups in any customer account, prepaid instruments, wallets and FASTags, among others after February 29, 2024.
The action against Paytm Payments Bank Limited (PPBL) followed a comprehensive system audit report and subsequent compliance validation report of external auditors.
"Depending on the nature of the resolution, the company expects this action to have a worst case impact of ₹300-500 crore on its annual EBITDA going forward. However, the company expects to continue on its trajectory to improve its profitability," Paytm said in a regulatory filing.
One97 Communications Limited (OCL), which owns Paytm brand, holds 49% stake in PPBL but classifies it as an associate of the company and not as a subsidiary.
"OCL, as a payments company, works with various banks (not just Paytm Payments Bank), on various payments products. OCL started to work with other banks since starting of the embargo. We now will accelerate the plans and completely move to other bank partners. Going forward, OCL will be working only with other banks, and not with PPBL," Paytm said.
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