RBI approval to Paytm Payments Bank: Now India will be able to work as a bill payment operating unit.

Paytm Payments Bank on Monday said that it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU). Under the Bharat Bill Payment System (BBPS), a BBPOU is permitted to provide the facility of bill payment services of Electricity, Phone, DTH, Water, Gas Insurance, Loan Repayment, FASTag Recharge, Education Fees, Credit Card Bills and Municipal Taxes . The owner of BBPS is National Payment Corporation of India.

As of now, Paytm Payments Bank Limited (PPBL) is carrying out this activity under the in-principal authorization of RBI. The company said, PPBL has received final approval from RBI to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007. Till now Paytm Payments Bank Limited (PPBL) was providing such services under in-principle approval from RBI.

Users will get this kind of benefit

PPBL will display all the Agent Institutions on its website under the guidance of RBI. A Paytm Payments Bank spokesperson said that through the Paytm app, users will be able to make convenient payments for their bills and take advantage of automatic payments and reminder services.

Alibaba Group sold its 3.1% stake in Paytm

Recently, Alibaba Group has sold its majority stake of 3.1% in Paytm’s parent company One-97 Communications. According to reports, Alibaba Group company Ant Financial sold shares of Paytm worth $125 million, or about Rs 1,125 crore, in a bulk deal. Ant Financial has sold 2 crore shares of Indian digital payment and financial services company Paytm at Rs 536.95 per share.

Paytm shares fall by around Rs 500 in a year

Let us tell you that Paytm’s 52 week high is Rs 1,145.90, while its 52 week low is Rs 438.35. The stock of the company went to its lowest level on November 24 last year. Paytm’s stock has fallen by more than Rs 500 in a year. Paytm’s IPO of $ 2.5 billion i.e. Rs 20,361 crore came in November 2021. At that time it was the biggest IPO in the country.