Paytm’s parent company, One97 Communications Limited, saw a nearly 5% jump in its shares after receiving approval from the National Payments Corporation of India (NPCI) to onboard new users for its UPI services. This approval follows earlier restrictions imposed by the Reserve Bank of India (RBI) on Paytm’s UPI services earlier this year.
In a letter dated October 22, 2024, NPCI granted the approval with conditions, requiring Paytm to follow procedural guidelines, risk management protocols, and data protection regulations. This development is expected to positively impact Paytm’s UPI user base expansion and market performance.
As of 9:15 am, Paytm’s shares were trading 4.89% higher at Rs 720 on NSE, reflecting investor optimism.
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