India's Paytm to give out fewer low value personal loans

FILE PHOTO: A smartphone with the Paytm logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

BENGALURU (Reuters) -Indian digital payments firm Paytm said on Wednesday it will cut down on disbursing loans under 50,000 rupees ($600.14), weeks after the central bank tightened rules on consumer lending after a surge in demand.

The move will lead to a near 40%-50% drop in the volume of loans given out through the platform's post-paid product, Bhavesh Gupta, President and chief operating officer of Paytm, said on a call with analysts.