On Thursday, the parent company of Paytm, One 97 Communications Limited shared that it has received a positive nod on user migration to the new Payment System Provider (PSP) bank. This resulted in its stock price to gain around 2%.
In January this year, the RBI banned Paytm from onboarding new customers and accepting deposits for its Paytm Payments Bank due to "persistent non-compliance and continued material supervisory concerns in the bank".
This move impacted Paytm not only in terms of revenue but also in terms of reduced UPI market share, which dropped significantly.
However, after receiving approval from the regulators, the company started to migrate its customers of Paytm Payments Bank to partner payment service provider (PSP) banks including HDFC Bank, SBI, Axis Bank, and Yes Bank.
On Thursday, One 97 Communications Limited’s stock price was trading in a range of Rs. 389.15 and Rs. 409.
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