Previous   Next
HomeBusinessPaytm Gets Scheduled Bank Status From RBI

Paytm Gets Scheduled Bank Status From RBI

The payments bank has received scheduled bank status from the Reserve Bank of India (RBI) which helped the stock to stage a recovery towards fag end of the trading session today.

Being a scheduled payments bank, Paytm Payments Bank can now explore new business opportunities.

“The bank can participate in government and other large corporations issued Request for Proposals (RFP), primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in the marginal standing facility. The bank would now also be eligible to partner in government-run financial inclusion schemes,” Paytm said in a statement.

Earlier today, sentiment for the stock had taken a beating as RBI’s announcement to release a discussion paper on digital payment charges was seen weighing on Paytm.

At 10:54 am, One 97 Communications shares were trading down 1.6 percent at Rs 1,529.75 on BSE. While the stock was up 3.2 percent at Rs 1,603.2 as of 15:02 IST.

The RBI will soon release a discussion paper on digital payment charges to ensure they are both affordable to users, and economically remunerative to providers, governor Shaktikanta Das had said on Wednesday.

The discussion paper will cover all aspects related to charges involved in various channels of digital payments such as credit cards, debit cards, prepaid payment instruments (cards and wallets), UPI, etc. The paper will also seek feedback on issues related to convenience fees, surcharging, etc., and the measures required to make digital transactions affordable to users and economically remunerative to the providers.

This could be negative for fintechs like Paytm where major revenues come from payments and if wallet charges are regulated while the cap on credit-card MDR could also impact spend-based fee income, said ICICI Direct Research in a note to clients.


Please enter your comment!
Please enter your name here

More News

India Has Two Major Obstacles In Dealing With China: Jaishankar 

Speaking at the media summit, Mr. Jaishankar said asserted that India has two enormous handicaps in dealing with China including the defeat in the...

Assam CM’s Dig At Rahul Gandhi Says Rahul Gandhi Looks Like Saddam Hussain

Assam chief minister Himanta Biswa Sarma in his latest dig at Rahul Gandhi said that the Congress leader's looks have changed and he looks...

Nearly 75% Twitter Employees Layoffs In A Month, Will Elon Musk’s New Policy Be Able To Assure The Employees

After cutting nearly 75% workforce of Twitter in less than a month since the takeover, Elon Musk is now reported to have kept the...


Keep Your Money Safe, Jeff Bezos Warns Economic Recession

Amazon founder Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession...

G20 Presidency Is A Proud Occasion For Every Indian: PM Modi

Indonesia President Joko Widodo handed over the G20 Presidency to India at the closing ceremony of the 17th intergovernmental summit in Bali on Wednesday....

Unmanned Trains Will Run Soon In India

Bharat Electronics Ltd (BEL) has signed an agreement with Delhi Metro Rail Corporation Ltd (DMRC) to jointly develop an indigenous communication-based train control system...