Paytm Stock Jumps 11% Post NPCI Nod

23 Oct 2024 , 12:09 PM

After the National Payments Corporation of India (NPCI) gave the business permission to onboard new UPI customers, provided that all procedural rules and circulars are followed, shares of Paytm, which is owned by One 97 Communications, surged 11% to an intraday high of Rs 769.50 on the BSE.

“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 business noted in a filing with the stock exchange.

In addition to any interest, cashback, or refunds that may be credited at any time, the Reserve Bank of India ordered Paytm Payments Bank on January 31 of this year to cease deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024.

After onboarding was delayed earlier in the year in accordance with RBI regulations, this clearance was conveyed via a letter dated October 22, 2024.

Paytm’s compliance with procedural rules and circulars pertaining to risk management, brand guidelines, multi-bank support, and consumer data protection is a prerequisite for NPCI approval.

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