One97 Communication News Today

Paytm layoffs have already begun two weeks ago and come as Paytms Payment Bank has been barred by RBI from conducting several businesses.

Paytm parent company One97 Communications share price rose 10 percent, rising for 2nd straight session, amid reports that the firms founder Vijay Shekhar Sharma met FM Nirmala Sitharaman to discuss the RBIs restrictions.

Paytm Payment Bank account holders claimed to have been facing issues to change their bank accounts on brokerage platforms, who are said to be aggressively educating customers about the latest update to facilitate smooth transition

Vijay Shekhar Sharmas reassurances, however, have failed to stem the slide in the Paytm stock, which was locked in a 20 percent lower circuit for the second day running

India Business News: MUMBAI: One97 Communication (OCL), the parent company of Paytm brand, said it would disassociate from Paytm Payments Bank (PPBL) and partner with othe.

Many founders have come out in Vijay Shekhar Sharmas support post RBIs diktat on Paytm Payment Bank barring it from offering banking services.

While many founders continue to hope for the issue to resolve, others said the move will have a ripple effect on the ecosytem and restrict newer players from coming into the banking business.

With the current sale, the Japanese investors stake in Paytm has been pared down to about 5.06 percent.

For the quarter under review, Paytm disbursed total loans worth Rs 15,535 crore, compared to Rs 16,211 crore in the September quarter. However, this was up by 63 percent YoY.

Foreign institutions now hold 63.72 percent of the fintech giant, a rise of 2.8 percent from the September quarter.