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Paytm Q4 FY24 Loss Widens To Rs 550 Crore After RBI Action Against Payments Bank

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New Delhi:

Digital payments firm Paytm posted a wider loss in the fiscal fourth quarter on Wednesday, hurt by weakness in its payments and financial services business after the central bank shut down its banking unit.

The company’s consolidated net loss was at Rs 5.5 billion as it took an impairment of Rs 2.27 billion towards scaling down the business of Paytm Payments Bank.

Paytm had reported a loss of Rs 1.68 billion a year ago in the March-quarter.

Meanwhile, its consolidated revenue from operations fell to Rs 22.67 billion ($272.3 million) for the January-March quarter from Rs 23.35 billion a year earlier.

The Reserve Bank of India had ordered Paytm Payments Bank, an associate of Paytm, to stop accepting fresh deposits in its accounts or digital wallets from March, raising concerns about revenue from the company’s main payments business.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)