From The Times of India
Owned by Bennett, Coleman & Co.Paytm gets RBI prelim nod to operate wallets; shares surge to 52-week high
What's behind this
Paytm Payments Services Limited, a wholly‑owned subsidiary of One 97 Communications, has received an in‑principle approval from the Reserve Bank of India to set up and operate a payment system for issuing prepaid payment instruments such as wallets. The nod comes more than two years after the RBI barred Paytm Payments Bank from accepting fresh deposits and wallet top‑ups and earlier this year cancelled its banking licence. The subsidiary must submit a system‑audit report within six months. Following the announcement, Paytm’s shares rose to a 52‑week high in late trading on Friday.
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RSS excerpt
Paytm's payment segment has secured initial approval from the Reserve Bank of India for its prepaid payment instruments. This milestone has propelled One 97 Communications' stock to soar past the Rs 1,900 mark, reflecting strong market performance. Analysts predict robust revenue growth stemming…
