#one97 communications

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Paytm gets five handles to continue UPI transactions, existing one to continue

Fintech firm One97 Communications, owner of the Paytm brand, has got five handles in partnership with four banks to continue UPI transactions, as per an update on the NPCI website.

The company's existing handle @paytm is among the five handles that users can continue using without the need to make any changes at their end.

National Payments Corporation of India (NPCI) has approved @paytm and a closed user group UPI handle @ptyes for Paytm in partnership with Yes Bank.

NPCI has also approved @pthdfc with HDFC bank and @ptsbi with State Bank of India as a partner. However, these two handles are not active immediately.

Paytm spokesperson said users can continue to use @paytm handle seamlessly without the need to make any changes at their end.

On March 14, NPCI approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC bank for continuity of UPI transactions for the company's users.

Paytm's UPI transactions were earlier being carried out through Paytm Payments Bank (PPBL) that has been barred by the Reserve Bank of India from accepting deposits, credit transactions, or top-ups in any customer accounts after March 15.

One97 Communications Limited (OCL) holds a 49 per cent stake in PPBL, while company's Founder and CEO Vijay Shekhar Sharma holds 51 per cent stake in the beleaguered bank.

Source : Paytm gets five handles to continue UPI transactions, existing one to continue

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Paytm not to acquire Raheja QBE; to apply for new general insurance licence

Paytm Insuretech -- an associate company of One97 Communications -- and Prism Johnson Ltd, who had entered into an agreement, wherein the former would have bought 51 per cent stake of the latter in Raheja QBE General Insurance, have decided to terminate the agreement as the share sale and purchase transaction was not consummated within the time period envisaged by the parties under the agreement.

In exchange notifications, both the companies said,” As the share sale and purchase transaction has not been consummated within the time period envisaged by the parties under the said agreement, the agreement has automatically terminated”.

One97 Communications, which is the parent company of Paytm, said, they remain bullish on their roadmap for general insurance and intend to seek requisite approvals for a new general insurance license, wherein they hold a 74 per cent majority shareholding upfront.

On the other hand, Prism Johnson will continue to evaluate the future prospects of their investment in Raheja QBE general insurance from time to time.

In 2020, Paytm, along with Vijay Shekhar Sharma, had entered into an agreement, wherein they were supposed to acquire Prism Johnson’s 51 per cent stake in Raheja QBE General Insurance for Rs 289.68 crore. Prism Johnson has 51 per cent stake in the general insurance company and the rest is owned by QBE Australia. Paytm was supposed to acquire Prism Johnson’s 51 per cent and QBE Australia’s 49 per cent stake in Raheja QBE to become 100 per cent owner for Rs 568 crore to expand its footprints in the financial services business.