Paytm announced on Tuesday that it has secured authorization from India’s payments regulatory authority to onboard new users for its unified payment interface (UPI). This development comes as a welcome relief for the financial services company following a ban imposed by the central bank on its banking division.
The approval was granted by the National Payments Corporation of India (NPCI) after Paytm submitted a request in August, the company noted.
In January, the nation’s financial regulator initiated the shutdown of Paytm’s banking unit due to ongoing compliance problems, raising significant concerns about the viability of its digital payments operations and leading to a significant decline in the company’s stock price.
Since the central bank’s intervention on January 31, shares of Paytm have plummeted by approximately 10 percent.
Earlier in the day, the company’s stock saw a more than five percent decrease following the release of a report indicating a 34 percent drop in revenue alongside a 25 percent reduction in monthly transacting users for the quarter ending in September.
© Thomson Reuters 2024
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
