Paytm Falls Again as Regulator Weighs Canceling Bank Permit
- Stock sinks for third day as India tightens grip on upstart
- Firm tries to assuage investors amid regulator’s offensive
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Paytm’s stock fell for a third straight day as India’s central bank considers scrapping the license of Paytm Payments Bank Ltd., adding to the mounting troubles at the once-celebrated fintech startup.
India’s banking regulator is weighing the removal of the permit after finding several lapses at Paytm Payments Bank including multiple transactions beyond regulatory limits, raising money-laundering concerns, Bloomberg News reported last week. The regulator has already ordered the bank to halt much of its business, potentially affecting the broader digital-payments pioneer’s prospects.