Paytm surges 5% as RBI directs NPCI on third-party application provider role

Shares of One97 Communications (OCL), the parent company of the popular financial services brand ‘Paytm’, witnessed a 5% surge, with trading locked in the upper circuit at Rs 428.10 on the National Stock Exchange (NSE).

This rise came after the Reserve Bank of India (RBI) instructed 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. This directive aims to mitigate any potential disruptions in the payment ecosystem.

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One97 Communications (Paytm) stands as India’s premier digital ecosystem for both consumers and merchants, offering a wide array of services including payment services, commerce and cloud services, and financial services such as loan distribution. With a user base of 333 million consumers and over 20 million merchants, Paytm continues to be at the forefront of facilitating digital transactions and financial inclusion across the nation.