Paytm launches UPI statement download service
Paytm on Wednesday has announced the launch of a new UPI statement download service.
Paytm on Wednesday has announced the launch of a new UPI statement download service.
This comes after the company received approval from the National Payments Corporation of India (NPCI) on October 22, to onboard new UPI users.
Vijay Shekhar Sharma, founder and Chief Executive Officer (CEO) of Paytm, said on Thursday that the company would focus on its core business of payments and cross-selling financial services as it works to achieve "profitability soon".
According to multiple reports citing sources, the SEBI notices also allege non-compliance with promoter classification norms.
The Markets regulator, the Securities and Exchange Board of India (SEBI), will not allow Paytm-like 'contamination' in the stock markets, its Chairperson Madhabi Puri Buch said on Tuesday.
"First it is an associate company and second is not an associate company in the sense that it is some Bank," Madhur Deora, President and Group CFO at Paytm said.
The remarks came amid the Reserve Bank of India (RBI)’s ban on Paytm Payments Bank, a subsidiary of One 97 Communications.
The stock cracked to Rs 608.80 on the BSE on Thursday and at the NSE, it tumbled 19.99 per cent to hit the lowest trading permissible limit for the day of Rs 609.
"On behalf of Paytm, this is more of a speed bump, but we believe in partnership of the banks and we will be able to see to the same in the next few days," he stated.
The company said in a regulatory filing on Wednesday that it will make the investment over a period of time and will seek requisite approvals for the same.
