The price of Paytm’s shares increased today. After rising 5%, the stock closed today on the upper circuit for the second session in a row. This follows reports that the financially troubled business has teamed up with Axis Bank to handle merchant payments. The stock was trading on the NSE at ₹358.35 at 11:56 am.
Paytm shares increased 5% to the upper circuit at ₹341.30 on the NSE during the previous session. The stock has crashed by 55% in just one month.
Paytm stock value: Axis Bank’s ruling
Through the use of an escrow account, One97 Communications, the parent company of Paytm, moved its nodal account to Axis Bank. The business declared that it will go on serving all of its merchant partners.
Price of Paytm shares: RBI deadline
The deadline for stopping operations and transferring assets for Paytm Payments Bank account holders has been extended by the Reserve Bank of India (RBI) till March 15. It also released a list of commonly asked questions (FAQs) for all users of Paytm Payments Bank accounts, which includes explanations on FASTags, UPI payments, and remaining balances.
In its order, the RBI stated that “aside from any interest, cashback, sweep in from partner banks, or refunds which may be credited anytime, no further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024).”
