Why Paytm Share Price Zoomed 15% in 3 Days Even After RBI’s March 15 Deadline

The share price of One97 Communications (Paytm) zoomed 15 percent in the last 3 days. It hit a 5 percent upper circuit on February 20, 2024.

Founder and CEO of Paytm, Vijay Shekhar Sharma assured that its QR code and soundbox facilities will continue to work. The assurance comes even after the March 15 deadline set by the Reserve Bank of India for the strict restrictions it has slapped on the bank.

“Paytm QR, soundbox, and EDC (card machine) will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously. Do not fall for any rumor or let anyone deter you from championing Digital India,” Sharma wrote on X.

The RBI confirmed that merchants – around 80 percent as per the management – using Paytm QR or Soundbox linked to another bank account can continue beyond March 15.

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On February 17, 2024, Paytm in a BSE filing said that One 97 Communications Ltd has partnered with Axis Bank for Escrow Account to continue seamless merchant settlements.

“One 97 Communications Limited which owns the brand Paytm announced its partnership with Axis Bank, one of India’s largest private sector banks with distinct digital capabilities, to continue with swift and secure merchant settlements,” Paytm said in an exchange filing.

“This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank,” the company said.

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