Tuesday, March 05, 2024
Outlook India
Outlook Business

One97 Communications Limited

The ED has initiated its inquiry against Paytm Payments Bank after the Reserve Bank of India had written to the agency about possible violations of FEMA rules by individuals and companies.

Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone

Vijay Shekhar Sharma will acquire a 10.3 per cent stake in Paytm from Antfin through an off-market transfer

Users can make payments for various services through Paytm UPI, UPI Lite, Paytm wallet, netbanking, debit and credit cards.

The SDK will soon support new payment types like UPI LITE and UPI on Rupay credit card

The agreement was signed in the presence of Saurabh Gaur, Secretary, Information Technology, Electronics and Communications, Government of Andhra Pradesh and Vijay Shekhar Sharma, Founder, Managing Director and CEO of Paytm

The Alibaba Group firm holds around 25 per cent stake in One97 Communications which operates under the Paytm brand

The company witnessed a 42 per cent increase in its revenue from operations to Rs 2,062.2 crore in the third quarter of FY23 compared to Rs 1,456.1 crore last year

The development follows Alibaba's stake sale in BigBasket and Zomato

The number of loans grew 117 per cent y-o-y (Year-on-Year) to 3.7 million for December and 137 per cent y-o-y to 10.5 million cumulative loans for the three months ended December 2022