Paytm Crisis: Paytm and Axis Bank will soon knock on the door of NPCI, deadline is approaching

Paytm Crisis: Paytm and Axis Bank will soon knock on the door of NPCI, deadline is approaching

Paytm Payments Bank: To ensure that lakhs of customers do not face any problem due to the RBI ban against Paytm Payments Bank, Paytm and Axis Bank have filed a complaint with the National Payments Corporation of India (NPCI) as soon as possible. ) decided to knock on the door. This is being done so that all the necessary approvals are taken before March 15 and the UPI service can continue smoothly. RBI had earlier decided to ban Paytm Payments Bank from taking deposits from February 29. However, now giving relief, this deadline has been extended till March 15. 

Paytm and Axis Bank team busy preparing the application

According to a report by Money Control, Paytm's parent company One97 Communications had given its nodal account to Axis Bank. Now they have to submit joint application for UPI operations. This could be an application from a third party application provider. The team of Paytm and Axis Bank will soon talk to NPCI officials in this regard. According to the report, this meeting can be held this week. 

NPCI will complete the entire process soon 

The regulatory authority for UPI operations in the country is NPCI. This meeting is very important for transactions on Paytm App. There may be problems after the RBI deadline is met. According to the report, lakhs of customers do UPI transactions every day through Paytm. Therefore, NPCI will also complete all the processes expeditiously after receiving the application. 

Paytm shares closed up by 5 percent 

Meanwhile, on Monday evening, Paytm shares once again touched the upper limit of 5 percent. It closed at Rs 358.35. It has been touching the upper circuit for two consecutive trading sessions. Once again the confidence of investors in Paytm is getting stronger. After the RBI action on January 31, Paytm shares had gone down by almost 50 percent. In view of the huge fall in the stock exchange, a stock limit of 5 percent had to be imposed on the company's shares. Paytm shares have gone up 10 percent in the last two sessions.

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