Paytm is at risk of losing a significant number of customers due to recent regulatory diktats, potentially impacting its ability to monetize and sustain its business model, according to a note by Macquarie Equity Research. The brokerage house has downgraded parent company One97 Communications to an underperform rating and lowered its target price. The requirement for Paytm Payments Bank (PPBL) customers to undergo KYC again in order to transfer to other bank accounts further complicates the situation and poses a challenge to meet the RBI’s deadline. As a result, Paytm may face a challenging period ahead.