Indian digital payments firm Paytm posted a wider loss in the fiscal fourth quarter on Wednesday, hurt by weakness in its payments and financial services business after the central bank shut down its banking unit.
The company’s consolidated net loss was at 5.5 billion rupees as it took an impairment of 2.27 billion rupees towards scaling down the business of Paytm Payments Bank. Paytm had reported a loss of 1.68 billion rupees a year ago in the March quarter.
Meanwhile, its consolidated revenue from operations fell to 22.67 billion rupees ($272.3 million) for the January-March quarter from 23.35 billion rupees a year earlier.
The Reserve Bank of India had ordered Paytm Payments Bank, an associate of Paytm, to stop accepting fresh deposits in its accounts or digital wallets from March, raising concerns about revenue from the company’s main payments business.
The article originally appeared on Indian Express.