One97 shifts nodal account to Axis Bank

New Delhi: Fintech firm One97 Communications — owner of the brand Paytm — has shifted its nodal account to Axis Bank from Paytm Payments Bank.

The move will allow continuity of Paytm QR, Soundbox, card machine after the March 15 set by the RBI, as per a regulatory filing.

The RBI has advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions.

“The company has also shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settlements as before.

“This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), OCL’s wholly owned subsidiary has already been using the Axis Bank services since its inception,” Paytm said in a filing.