Company made a big announcement regarding Paytm Payments Bank, read complete information
After the setback from the Reserve Bank, One 97 Communications has taken a big decision regarding Paytm Payments Bank. Paytm’s parent company One97 has announced that Paytm and Paytm Paymates Bank have agreed to terminate the mutual agreements between the companies. Along with this, separate steps have also been taken to ensure independent functioning of the Payments Bank. The company gave this information to the stock market on Friday morning. After the news, there is an increase in the stock in early trading.
What information has the company given?
In the information sent to the stock market, the company said that One 97 Communications and Paytm Payments Bank i.e. PPBL have taken several steps to move forward on future plans. Along with this, the mutual agreements between Paytm and PPBL companies will be ended. The company said that in order to reduce mutual dependence, Paytm and PPBL are ending mutual agreements with Paytm and its group companies and have also agreed to simplify the shareholding agreement.
Paytm had earlier informed that it will form a new partnership with banks to continue uninterrupted services for merchants and customers. Whereas Paytm App, Paytm QR, Paytm Soundbox and Paytm Card Machine will continue to work without any interruption.
Paytm stock rises
One 97 Communications stock is seeing a rise in Friday’s trading. In early trade, the stock has crossed the level of 420 with a gain of 3 percent. After the action taken by the Reserve Bank on Paytm Payments Bank, there was a sharp decline in the stock. A month ago the stock was trading above 600 level.
