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Paytm shares break over 5% as the RBI extends the deadline

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<p><strong>NEW DELHI:</strong> Monday saw a 5% increase in One97 Communications’ shares, the company that owns Paytm, as they reached the upper circuit. On the BSE and NSE, the stock increased to Rs 358.55 and Rs 358.35 a share, respectively.</p>
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<p><img decoding=”async” class=”alignnone wp-image-419730″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-shares-break-over-5-as-the-rbi-extends-the-deadline-paytmlogo-66010-1-750×400.jpg” alt=”theindiaprint.com paytm shares break over 5 as the rbi extends the deadline paytmlogo 66010 1″ width=”1074″ height=”573″ title=”Paytm shares break over 5% as the RBI extends the deadline 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-shares-break-over-5-as-the-rbi-extends-the-deadline-paytmlogo-66010-1-750×400.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-shares-break-over-5-as-the-rbi-extends-the-deadline-paytmlogo-66010-1-1024×546.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-shares-break-over-5-as-the-rbi-extends-the-deadline-paytmlogo-66010-1-768×410.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-shares-break-over-5-as-the-rbi-extends-the-deadline-paytmlogo-66010-1-1536×819.jpg 1536w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-shares-break-over-5-as-the-rbi-extends-the-deadline-paytmlogo-66010-1-2048×1092.jpg 2048w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-paytm-shares-break-over-5-as-the-rbi-extends-the-deadline-paytmlogo-66010-1-150×80.jpg 150w” sizes=”(max-width: 1074px) 100vw, 1074px” />The rise was sparked by Paytm’s recent agreement with Axis Bank for merchant payment settlements and the RBI’s extension of the deadline to March 15 for Paytm Payments Bank to cease operations.</p>
<p>One97 Communications moved its nodal account from Paytm Payments Bank to Axis Bank recently in order to maintain Paytm’s services, including the Paytm QR, soundbox, and card machine.<br />
By March 15, RBI had given Paytm Payments Bank Ltd. (PPBL) merchants and customers instructions to move their accounts to other banks, enabling PPBL to shut down the majority of its activities.<br />
Paytm’s stock fell sharply after the RBI requested that it halt its payments bank activities because it had repeatedly ignored warnings to comply with laws.</p>
<p>PPBL stopped making deposits, credit transactions, and top-ups in client accounts, prepaid cards, wallets, FASTags, and National Common Mobility Cards on February 29 after the RBI’s directive on January 31.</p>


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