Paytm Gets Approval from NPCI to Enroll New UPI Users

Paytm shares have lost around 10 percent since the central bank clampdown on January 31.

By Reuters | Updated: 23 October 2024 17:22 IST

Paytm Gets Approval from NPCI to Enroll New UPI Users

Photo Credit: Reuters

Earlier the SEBI had issued show-cause notices to Paytm founder alleging misrepresentation of facts

Highlights

The RBI wound down Paytm's banking unit in January
Persistent compliance issues was the reason of Paytm's troubles
Paytm saw a 25 percent drop in monthly transacting users in Q3

India's Paytm said late on Tuesday it received approval from the country's payments authority to onboard new unified payment interface (UPI) users, providing some relief for the financial services firm after a central bank-ordered ban on its banking unit.

The National Payments Corporation of India (NPCI) granted its approval following a request by the company in August, Paytm said.

The country's financial regulator wound down Paytm's banking unit in January due to persistent compliance issues, sparking worries about its key digital payments business and triggering a meltdown in its stock value.

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Paytm shares have lost around 10 percent since the central bank clampdown on January 31.

Earlier in the day, shares of the company shed more than five percent after it reported a 34 percent decline in revenue and a 25 percent drop in monthly transacting users for September quarter.

© Thomson Reuters 2024

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