India’s digital payments firm Paytm has suffered huge losses as a result of RBI action against Paytm Payments Bank. The firm released its fourth-quarter report on Wednesday and said it posted a net loss of Rs 549.6 crore for the three months from January to March 31.
Paytm had posted a loss of Rs 219.8 crore during the same period last year. Also, in the last quarter, Paytm reported a loss of Rs 168.4 crore in its financial report.
From year to year the ‘Total Income’ is also percent. Revenue fell by 2.9 percent to Rs 2,267.1 crore from Rs 2,334.5 crore. The ‘revenue’ fell by 20.5 percent to Rs 2,850.5 crore.
Paytm’s financial report is mainly affected by the action taken by RBI against Paytm Bank. “The firm has seen a financial setback in the fourth quarter due to some disruptions. The impact of these disruptions may be more visible in the first quarter of FY 2025,” Paytm said.
The firm posted a cumulative loss of Rs 1,422.4 crore in the financial year 2023-24. Paytm’s losses in the last financial year, despite several hiccups, narrowed slightly compared to a loss of Rs 1,776.5 crore recorded in the financial year 2022-23. In 2023-24, Paytm’s revenue jumped by 25 percent and reached Rs. 9,978.
Paytm Payments Bank has been banned by the RBI after the payments bank failed to comply with its regulations despite repeated warnings. It has been reported that lakhs of accounts at Paytm Payments Bank have been created unauthorized without proper identification.
Link: https://x.com/ani_digital/status/1793134807997710496
