Updated February 23rd, 2024 at 18:41 IST

RBI opens gates for banks to play in Paytm pool

Examine migration of One97 Communications to become third-party application provider: RBI to NPCI

Reported by: Business Desk
Paytm stock price | Image:Republic
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RBI on Paytm: Bringing an end to speculations that services of embattled fintech major Paytm may cease to exist, the Reserve Bank of India (RBI) on Friday, asked the National Payments Corporation of India (NPCI), to examine the migration process of Paytm’s parent company, One97 Communications, to become a third-party application provider (TPAP) for Unified Payment Interface (UPI) channel for continued UPI operation of the Paytm app. 

Even as the private lender Axis Bank, has so far emerged as the potential partner for providing the TPAP service, several other banks including HDFC and SBI could also be in the fray, in order to prevent a load on a single channel. 

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Notably, the stocks of One97 Communications have plunged nearly 46 per cent since RBI's restrictions on  Paytm Payments Bank Limited (PPBL) over non-compliance of the RBI norms. 

The 52-week high of the stock is Rs 998.309 while the 52-week low is Rs 318.35. Shares of One 97 Communications Ltd closed 5 per cent higher at Rs 407.60 per share, when the markets closed today, February 23-24. 

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Published February 23rd, 2024 at 17:03 IST