India’s leading digital payments firm, Paytm, is grappling with a severe market downturn and regulatory sanctions, as its banking unit faces a crackdown by the Reserve Bank of India (RBI) over grave concerns involving money laundering and KYC (Know Your Customer) non-compliance. Consequently, the Bombay Stock Exchange and the National Stock Exchange have halved the daily share trading limit for Paytm to 10%, following a massive $2 billion loss in market value, plummeting to $3.7 billion.
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