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...
PAYTM Payments Bank essentially asked to shut shop.
Afaik here are the few implications
That stock is about to crash so fucking hard. Thank god i got out. The crappiest IPO of this decade.
This is eerily reminiscent of Razorpay debacle. Something similar has even happened to AmEx at some point in India. ...
Very bad. This was my everyday bank account for small transactions. Easy to remember account number also
