Elon Musk's X to Launch In-App Payment Services on Social Media Platform in Mid-2024 
Western Union Ventures into Cryptocurrency with Ripple's Blockchain Technology 
The Future of Gold Trading: Technological Advances and Market Predictions in the Philippines 
Toyota Teams with Tencent, Nissan Joins Forces with Baidu in China AI Drive 
Robinhood Launches Credit Card for Gold Customers 
Toyota Motor Launches Trial for EV Pickups in Thailand 
DJI Faces Possible US Ban by Congress, Echoing Concerns Over TikTok and China 
Domino's Launches Innovative 'You Tip, We Tip' Promotion 
Inditex Re-enters Venezuelan Market with Zara Store Opening 
Walmart’s Director and Heir Rob Walton to Step Down From Board 
Crypto Investment Platforms eToro and M2 Granted Approvals to Operate in the UAE 
Microfinance loans could spell disaster in the time of coronavirus 
Kraken's Jesse Powell Criticizes SEC Over Legal Action 
WeBank Eyes 'Open Consortium Chain 2.0' Amid Shift to More Public-Oriented Blockchains 
PayPal Unveils Direct Crypto to US Dollars Conversion; MetaMask Integration Goes Live 
PUMA and Scuderia Ferrari HP Unveil Miami Limited Edition Collection 
Shares of Indian digital payments firm Paytm slumped 10% to a near-record low on Monday, triggered by a regulatory crackdown on its banking unit. The new low extended a route from last week.
Regulatory Crackdown Challenges Paytm's Market Value
Paytm has lost about $2.5 billion or approximately 43% of its market value since the Reserve Bank of India (RBI) told Paytm Payments Bank on Wednesday to stop accepting fresh deposits in its accounts or popular wallets from March.
Reuters reported that the stock fell by its daily trading limit to 438.5 rupees ($5.28) on Monday, shy of the previous all-time low of 438.35 rupees in November 2022. RBI's order, which has far-reaching consequences for how India's most popular digital payments app, Paytm, operates, led to a 20% drop in the stock - its daily maximum - on Thursday and Friday.
Paytm Explores Potential Partnerships
Paytm is in exploratory talks with HDFC Bank and Jio Financial Services to sell its wallets business, housed under Paytm Payments Bank, the Hindu Business Line newspaper reported on Monday.
Paytm, HDFC Bank, and Jio Financial did not immediately respond to Reuters' requests for comment.
According to Yahoo, the RBI has found hundreds of thousands of accounts at Paytm Payments Bank created without proper identification and has passed the information on to the country's financial crime-fighting agency.
According to the sources, the RBI is concerned that some of the accounts could have been used for money laundering.
India's Revenue Secretary Sanjay Malhotra said on Saturday that the financial crime-fighting agency would probe Paytm Payments Bank if any fresh charges of fund siphoning are found.
Photo: Paytm Website
