Paytm gains 5% as RBI asks NPCI to become a third-party application provider | Markets News – Business Standard
Shares of One97 Communications (OCL), which provides financial services under the brand ‘Paytm’ and has a banking arm Paytm Payments Bank, were locked in the 5 per cent upper circuit at Rs 428.10 on Monday on the National Stock Exchange (NSE). intraday trading after the Reserve Bank of India (RBI) asked the National Payments Corporation of India (NPCI) to explore the possibility of migrating Paytm Payments Bank customers, using the UPI handle ‘@paytm’, to four to five other banks, to avoid any disruptions in the payment ecosystem.
One97 Communications (Paytm) is India’s leading digital ecosystem for consumers and merchants. It provides payment services, commerce and cloud services, and financial services (primarily loan distribution) to 333 million consumers and more than 20 million merchants.
Since the Paytm Payments Bank will not be able to accept further funds into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to ensure seamless digital payments by UPI customers using the Paytm Payments’ ‘@paytm’ handle Bank, and to reduce concentration risk in the UPI system due to having multiple payment app providers, the RBI said in a press release. CLICK HERE FOR ALL DETAILS
Till 9.23 am, a total of 8.32 million shares had changed hands and buy orders were ready for 2.22 million shares on the NSE and BSE. In comparison, the Nifty 50 fell 0.14 percent to 22,181. With today’s gains, Paytm’s share price has bounced back 35 percent from its record low of Rs 318.05 on February 16, 2024. On October 20, 2023, the price touched a 52-week high of Rs 998.30.
First print: February 26, 2024 | 9:52 am IST