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Paytm share price: Will it zoom on March 15 after NPCI's third-party UPI app nod
Paytm share price March 15: Shares of One97 Communications Ltd fell as much as 5 per cent, hitting the third lower circuit for three days.
Paytm share price March 15: The National Payments Corporation of India (NPCI) granted approval to Paytm's parent company One97 Communications Limited (OCL) to participate in UPI services as a Third-Party Application Provider (TPAP) using four banks- Axis Bank, HDFC Bank, State Bank of India, YES Bank. NPCI said in a statement, “YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL. “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates in a seamless and uninterrupted manner.”
Read more: Paytm gets regulatory nod to become a third-party UPI app: What it means for you
What does this mean for Paytm's share prices on March 15?
Paytm share prices could rebound following this development on March 15. Shares of One97 Communications Ltd fell as much as 5 per cent, hitting the third lower circuit for three days. March 14 was the fourth day when Paytm share prices fell even though reportedly National Payments Corporation of India was working to certify Paytm’s application to become a third-party payment app.
How much did Paytm's share fall on March 14?
Paytm share prices fell 4.98 per cent to hit a low of ₹334.35 on BSE. In the four-day selloff, the stock has fallen 17 per cent. It is down 66.50 per cent from its 52-week high of ₹998.30 hit in October last year.
Read more: Paytm Payments Bank closes on March 15: What will work and what won't, what about FASTags, UPI and wallet?
Paytm Payments Bank deadline on March 15
Several Paytm services will stop working after March 15 due to restrictions imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank Ltd (PPBL) which cited persistent non-compliance and material supervisory preventing PPBL from accepting fresh deposits or top-ups.
A Paytm Spokesperson said on the deadline, “One 97 Communications and its services, which include the Paytm app, and merchant devices like Paytm QR, Soundbox and Card Machines continue to work uninterrupted. We are expanding our financial services distribution platform in partnership with leading institutions."
