Paytm said on RBI action- Now will work only with third party banks: Paytm CFO

Paytm has answered many questions in Paytm’s conference call on RBI’s action. MADHUR DEORA says that work is continuing with other banks. Nodal accounts will be transferred to other banks. Not with PPBL, they will be linked to other banks. Paytm shares hit lower circuit of 20%. As soon as the market opened on Thursday, this stock opened with lower circuit. RBI has imposed restrictions on deposits and credit on Paytm Payments Bank from February 29. After this, brokerage firms have given negative commentary.

Vijay Shekhar Sharma said

Paytm founder Vijay Shekhar Sharma says that PAYTM is getting support from other banks. Other banks have started functioning. Big banks are ready to help PAYTM. Other businesses are not affected by RBI’s steps. Making some changes in operations. There is no impact on marketing and financial services. The process of transferring nodal accounts is going on. There is not much impact on EBITDA from Rs 300 crore to Rs 500 crore.

Share targeter – Jefferies said in his note that RBI’s strict tone regarding Paytm Payments Bank is raising concerns about non-compliance. This brokerage firm says that due to the direct impact of this decision on wallet or payments, there can be an impact of about 20%-30% on EBITDA. The brokerage firm has reduced the target price on the stock from ₹1050 to ₹500 per share.