Paytm slumps over 8% after RBI cancels banking licence for its payments bank
April 27 (Reuters) – Shares of payment and financial services provider Paytm fell as much as 8.4% on Monday, their biggest intraday drop in over three months, after India’s central bank last week cancelled the banking licence of Paytm Payments Bank Limited. The stock later recouped some losses to trade down about 3.5%. The Reserve Bank of India’s decision came two years after the regulator imposed business curbs over violations, ordering the bank to stop accepting fresh deposits due to what it said at the time was non-compliance with rules, including around customer due diligence, use of funds, and technology