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Paytm has been approved by NPCI to add new UPI users. Paytm's parent company One 97 Communications Limited gave this information on October 22.
After the approval to add UPI users, Paytm's shares are up by about 4% today. It is trading above Rs 710. Yesterday it closed down by 5%.
RBI had banned for not following the rules
Earlier this year, RBI had barred Paytm Payments Bank from adding new UPI users on the Paytm app. This ban was imposed for not following the rules.
Paytm's UPI service was powered by Paytm Payments Bank and after the RBI action, the company had to partner with other banks to continue the UPI service.
- The parent company of Paytm brand is One97 Communications Limited.
- It also has an associate bank, Paytm Payment Bank Limited.
- Services are available on Paytm app through Paytm Payment Bank.
- One97 Communications holds 49% stake in Paytm Payment Bank.
Vijay Shekhar Sharma had demanded lifting of the ban
Paytm founder Vijay Shekhar Sharma had demanded NPCI to remove these restrictions on August 1. NPCI's approval will help Paytm to increase its user base.
