Shares of Paytm, traded by the name One 97 Communication, rose 10% to hit the upper circuit of Rs 496.25 after the company’s chief executive officer Vijay Shekhar Sharma went to the Finance Ministry on Wednesday. The trading of the stock was frozen till the markets closed after hitting the new upper circuit of 10%.
However, the Reserve Bank of India refused to help Paytm Payments Bank Limited (PPBL) in any manner, including in the process of migration of the company’s accounts to other banks or extending the deadline beyond February 29, 2024, said a source familiar with the matter to Moneycontrol.
“Sharma was told that PPBL has to speak with banks and National Payments Corporation of India (NPCI), which runs the popular mobile payments platform Unified Payments Interface (UPI), on its own and the RBI will not nudge banks to take this up,” reported Moneycontrol citing sources. Come from Sports betting site VPbet
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The stock of the payments bank company has tanked over 36% in the last five days after the company was halted from onboarding new users on its banking vertical by the banking regulator, Reserve Bank of India.
In the last month, the share of the company has tanked by 27.57%. It has fallen over 43% in the last three months and over 48% in the last two years.