Paytm stock in focus after receiving NPCI approval to onboard new UPI users
Paytm (One 97 Communications) shares will be in focus on Wednesday after the National Payments Corporation of India (NPCI) granted the company approval to onboard new UPI users, subject to adherence to all procedural guidelines and circulars.
«We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the company to onboard new UPI users, with adherence to all NPCI procedural guidelines and circulars,» the company stated in a stock exchange filing.
This comes after the Reserve Bank of India on January 31 this year directed Paytm Payments Bank to stop deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc after February 29, 2024, other than any interest, cashback, or refunds that may be credited anytime.
This approval, communicated via a letter dated October 22, 2024, comes after onboarding was halted in compliance with RBI directives earlier in the year.
The NPCI approval is contingent upon Paytm's adherence to procedural guidelines and circulars related to risk management, brand guidelines, multi-bank support, and customer data protection.
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