Paytm removed its main account from Paytm Payments Bank and linked it to Axis Bank.
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New Delhi: Fintech firm One97 Communications, which operates the Paytm brand, has shifted its nodal (main) account from regulatory action-hit Paytm Payments Bank to Axis Bank. Paytm’s nodal account is like a master account in which transactions of all its customers, merchants are settled. The company informed this to the stock market on Friday evening. The company has taken this step following RBI instructions to stop deposits and transactions in Paytm Payments Bank accounts after March 15.
Paytm has been operating its main account with its subsidiary Paytm Payments Bank Limited (PPBL). But after the strictness of RBI, doubts were also raised about the smooth operation of Paytm. But with the transfer of the main account of One97 Communications to Axis Bank, the situation has become clear to a great extent. This move will allow continuity of Paytm QR, Soundbox, Card Machine even after March 15.
Paytm said in the statement, the company has transferred its main account to Axis Bank (by opening an escrow account) to continue seamless transactions of shoppers as before. With this arrangement, the new account is expected to replace the account linked with Paytm Payments Bank. Paytm Payment Services Limited (PPSL), a wholly-owned subsidiary of One97 Communications, is already using the services of Axis Bank, the company said. Earlier, RBI said that if Paytm QR Code, Paytm Soundbox or Paytm POS terminals are linked to other banks instead of PPBL, they will continue to work even after March 15.
The post Paytm removed its main account from Paytm Payments Bank and added it to Axis Bank appeared first on Dainik Savera Times | Hindi News Portal.
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