Paytm share prices surged 5 percent to hit at Rs 358.55

New Delhi: Paytm shares get uplifted by 5% to hit the upper circuit of Rs 358.55 in opening deals on Monday, after its parent its parent firm One97 Communications announced that Paytm has shifted its nodal account to Axis Bank.

Reserve Bank of India has extended the deadline to March 15, from the initial date of February 29. Subsequently, a modification in the nodal account setup will enable merchants to maintain their acceptance of digital payments through the Paytm QR code or card machine. This would ultimately aim to mitigate concerns regarding potential suspensions of merchant payments.

Furthermore, the RBI announced an extension of the deadline for Paytm Payments Bank until March 15, earlier which was February 29.

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This would facilitate temporary customers making them continue, to use, withdraw, and transfer funds from their accounts. The company noted that consumer payments for merchant transactions are typically collected in a dedicated account.

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This, on the other hand, eases Paytm for a seamless transition to its merchants’ settlements to Axis Bank, thereby facilitating business operations for the merchants.

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