Paytm Payment Bank Update: Paytm Payments Bank has signed an agreement with private sector Axis Bank for settlement of merchant payments. The company said that it has opened an escrow account and shifted its nodal account to Axis Bank so that payments can be made to merchant partners in a seamless manner.
Paytm has given this information in the regulatory filing filed with the stock exchange. The company said that parent company One97 Communications has shifted its nodal account to Axis Bank. One97 Communications said that Paytm QR, Soundbox and Card Machine will continue to operate seamlessly for all merchant partners. RBI has also said that Paytm QR, Soundbox and card machines will continue to work even after March 15, 2024.
Paytm spokesperson said, keeping in mind the regulatory guidelines and compliance, we are fully dedicated to providing services to our merchant partners in a seamless manner. We also want to assure our users that the Paytm app and our devices Paytm QR, Soundbox and Card Machine will continue to work.
Earlier, Reserve Bank of India has given big relief to Paytm Payments Bank. The restrictions imposed by RBI on Paytm from 29 February 2024 have been extended till 15 March 2024. Keeping in mind the interests of customers and shopkeepers, the Reserve Bank of India has amended its old order to give some more time to Paytm Payment Bank to make alternative arrangements. RBI has also issued a FAQ regarding Paytm Payment Bank to remove the doubts arising in the minds of Paytm customers.
Before RBI's announcement of relief to Paytm. In Friday's trading session, Paytm's stock closed at Rs 341.30 with an upper circuit filter of 5 percent.
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