New Delhi. Finance Minister Nirmala Sitharaman has clearly refused to comment on the Paytm crisis. In a special interview with News18, Nirmala Sitharaman said on the question asked on Paytm crisis that she will not comment about any particular company. However, he said that the government is keen on fintech and wants to engage with as many stakeholders as possible in this sector. Let us tell you that the Reserve Bank has ordered to ban Paytm’s payments bank from February 29. Under this, Paytm will no longer be able to create new customers for its payments bank. Besides, he will not be able to avail other services related to it. Paytm Payments Bank customers will be able to withdraw their deposits. Due to the Reserve Bank’s ban on Paytm, the company’s shares have fallen by 40 percent.
Paytm had earlier issued a statement saying that after the ban on Payments Bank, it will work through other banks. Consumers were assured by Paytm that they will not face any kind of problem. However, there is still time till 29th February for Paytm Payments Bank to be closed, but those who bought shares of the company are upset with the order of the Reserve Bank. For this reason, Paytm has been continuously falling in the stock market. Paytm started providing fintech solutions in India and got the status of a big company in this sector. Now the order of ban on Payments Bank by the Reserve Bank has come as a big blow for Paytm.
The latest news is also that famous foreign financial and rating company Morgan Stanley has bought 50 lakh shares of Paytm’s parent company One97 Communications from the open market for Rs 244 crore. With this, Morgan Stanley’s stake in the parent company running Paytm has increased to 0.8 percent. After the ban on Payments Bank, Paytm is expected to get a lot of help from this investment.