• Source:JND
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RBI Bans Paytm Payments Bank: The popular Indian multinational financial technology company, Paytm, caused a huge commotion in the stock markets and on the internet after the Reserve Bank of India (RBI) announced a ban on some of the major Paytm services. RBI, in its announcement, ordered the company to stop ‘accepting fresh deposits’ in its Paytm Payments Bank. As per the decision, Paytm Payments Bank or Paytm wallets, will reportedly not accept fresh deposits after February 29. As soon as the reports of the RBI ban surfaced on social media, major jokes on Paytm stockholders and wallet memes began to roll on the internet. 

The order came on January 31, whereas the Paytm Payments Bank is part of Paytm. "No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime," said the press statement released by the RBI. 

Taking to the internet, people were quick to share memes and jokes on the decision and Paytm wallet users. Many also cracked hilarious jokes on Paytm shareholders. Some expressed their shock over the matter. 

“If there was no lower circuit #Paytm stock would have fallen at least 35-40% today,” a user said. 

“Hmm! Sahara, Byju's, and now #Paytm. Sponsoring Indian cricket appears to be quite hazardous,” commented a second person. 

“#Paytm share holders today,” added another. 

“Ohh sad  #paytm lower circuit,” added next. 

“Meanwhile me who still doesn't use wallets #Paytm,” said a fifth person.

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“#Paytm share holders after crash in prices,” said a sixth person. 

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