UPI will continue, share price rises 5%
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Paytm Share Price: Axis Bank, HDFC Bank, State Bank of India and Yes Bank Payment system provider for Paytm (PSP) will act as banks. National Payments Corporation of India (NPCI)NCPI) has approved One97 Communications Limited as a third party application provider. After this, a jump of about five percent is being seen in the stock of Paytm this morning. At 9.50 am, Paytm shares were trading at Rs 370.70 with a rise of 5 percent i.e. Rs 17.65. After a big fall, Paytm stock has given a return of 14.04 percent to investors in about a month. On February 15, the company’s share price was Rs 325.05.
@Paytm handle will be sent again to Yes Bank
Yes Bank will also act as the merchant acquisition bank for existing and new UPI merchants associated with One97 Communications Limited (OCL). NPCI said that the ‘@Paytm’ handle will be redirected to Yes Bank. NPCI, which regulates payment systems, said this arrangement will enable Paytm’s existing users and merchants to seamlessly continue UPI transactions and autopayment consent. Paytm has been advised to migrate all existing handles and consents, wherever necessary, to the new payment system provider banks as soon as possible.
NCPI gave its decision a day before the closure
This decision of NPCI has come a day before the deadline of the Reserve Bank, in which customers and businessmen of Paytm Payments Bank Limited (PPBL) have been asked to transfer their accounts to other banks by March 15. Paytm’s subsidiary PPBL was last month barred by the Reserve Bank from accepting account deposits and top-ups for repeatedly failing to comply with regulatory compliance.
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