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

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 ₹ 5.5 billion as it took an impairment of ₹ 2.27 billion towards scaling down the business of Paytm Payments Bank.

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

Meanwhile, its consolidated revenue from operations fell to ₹ 22.67 billion ($272.3 million) for the January-March quarter from ₹ 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.