Paytm witnessed a significant drop in its shares following the Reserve Bank of India’s (RBI) directive to Paytm Payments Bank Limited (PPBL), ordering it to cease its mobile wallet business and other operations from 29 of February.
In response, numerous people took to social media, sharing memes and reactions, leading to Paytm getting a prominent position in X. On the Bombay Stock Exchange (BSE), Paytm shares stopped at Rs 608.80 , reflecting a decrease of 20%.
Amid the Indian economy undergoing global economic uncertainties, actions taken by the central bank have raised concerns over the functioning of Paytm Payments Bank.
However, following the usual routine, social media users responded by creating humorous memes incorporating scenes and jokes from Hindi films.
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- What has happened to Paytm?
- Let’s take a look at Paytm memes here
What has happened to Paytm?
Paytm shares fell 20% after RBI action | Image: Fortune India
From February 29, 2024 onwards, PPBL will not be able to receive new deposits, engage in lending activities or assist in account recharges for customers, covering various instruments such as prepaid cards, wallets, FASTags, NCMC cards and more.
The RBI has specified exemptions that allow crediting of interest, repayments or refunds at any time.
Furthermore, PPBL customers are free to withdraw or use funds from their accounts, covering current and savings accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., without any limitation, provided it does not exceed their available balance. .
Let’s take a look at Paytm memes here
#Pay shareholders today. pic.twitter.com/P9G7ScbNDj
– Pritesh Shah (@priteshshah_) February 1, 2024
#Pay shareholders after price drop pic.twitter.com/dWASxNnEly
— Night Soul (@Mirage_gurrl) February 1, 2024
#Pay Investors will be like… pic.twitter.com/FpzVmdbPa5
—Mukesh (@mikejava85) February 1, 2024
RBI restricts multiple Paytm Payments Bank services 🏦Meanwhile, paytm#Pay #PaytmBank #BudgetSession2024 pic.twitter.com/3i7QPsdmm9
– Rahul Chauhan (@RahulCh9290) February 1, 2024—Vivek Gautam (@Imvivek04) February 1, 2024
me looking #Pay stocks in my portfolio today pic.twitter.com/9YKbgOk121
—Vivek Gautam (@Imvivek04) February 1, 2024
#Pay shareholders right now 😭pic.twitter.com/7Bm4BIT1AY
— Tweeting Quarantine (@rohitadhikari92) February 1, 2024
Meanwhile, I still don’t use wallets. #Pay pic.twitter.com/NQsMDPzII8
— Promita Mukherjee🇮🇳 (@promzzz) February 1, 2024
#Pay paytm shareholders be like pic.twitter.com/fdvrX3NBJo
—RAJ (@Raj70074889) February 1, 2024
And me, I never used or trusted Paytm.#PagarTm pic.twitter.com/e6rgPhJgZK
– Neha Singh Gahlot (@NehaSinghGahlot) January 31, 2024
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Source: vtt.edu.vn