The Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups
New Delhi: Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore.
The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing.
The revenue from operations of Paytm declined 2.8% to Rs 2,267.1 crore during the reported quarter, from Rs 2,464.6 crore in the corresponding quarter of the financial year 2023.
For the year ended March 31, 2024, the company’s loss narrowed to Rs 1,422.4 crore. Paytm had recorded a loss of Rs 1,776.5 crore in FY23.
The annual revenue of Paytm increased by about 25% to Rs 9,978 crore for FY24, from Rs 7,990.3 crore in FY23.
The Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.
Paytm had estimated a Rs 300-500 crore loss due to the RBI’s restriction on PPBL.
