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Fintech agency One97 Communications — proprietor of the model Paytm — has shifted its nodal account to Axis Financial institution from Paytm Funds Financial institution.
The transfer will permit continuity of Paytm QR, Soundbox, card machine after the March 15 set by the Reserve Financial institution of India, as per a regulatory submitting.
The RBI has suggested prospects and retailers of Paytm Funds Financial institution Ltd (PPBL) to shift their accounts to different banks by March 15, giving 15 extra days to the beleaguered entity to shut most of its operations, together with deposit and credit score transactions.
“The corporate has additionally shifted its nodal account to Axis Financial institution (by opening an escrow account) to proceed seamless service provider settlements as earlier than.
“This association is predicted to seamlessly exchange the nodal account that OCL was utilizing with Paytm Funds Financial institution. Paytm Fee Companies Ltd (PPSL), OCL’s wholly owned subsidiary has already been utilizing the Axis Financial institution companies, since its inception,” Paytm stated in a submitting.
The nodal account of Paytm is sort of a grasp account through which all its prospects, service provider transactions are settled.
The RBI within the record of FAQs has clarified that Paytm QR code, Paytm Soundbox or Paytm POS terminal will proceed to work after March 15 whether it is linked to different banks as an alternative of PPBL.
(Solely the headline and film of this report might have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)
First Revealed: Feb 16 2024 | 8:16 PM IST
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