New Delhi: Shares of digital payments firm Paytm hit an upper circuit of 5 per cent on Monday, marking a strong rebound amid the uncertainty surrounding its associate, Paytm Payments Bank.
Paytm shares rose 5 per cent to Rs 428.10 apiece on the Bombay Stock Exchange (BSE), after opening at Rs 420.
With this, Paytm shares have rebounded nearly 14 per cent in the past five trading sessions.
The recent surge in Paytm shares follows the Reserve Bank of India’s (RBI) suggestion to the National Payments Corporation of India (NPCI) to review Paytm’s proposal for offering unified payments interface (UPI) services.
The RBI urged NPCI to evaluate Paytm’s application to function as a third-party application provider for UPI transactions.
If given the green light, Paytm would be able to continue facilitating UPI payments, albeit with the assistance of several newly identified banks.
