Paytm gets RBI initial nod for prepaid instruments
In short
Paytm's payments unit got initial approval from the RBI on Friday to issue prepaid payment instruments, including digital wallets.
The move pushed Paytm shares to a record high of Rs 1,960 and gave the stock a strong boost.
What the reporting says
Paytm's payments unit received initial approval from the RBI on Friday to run a system for issuing prepaid payment instruments, including digital wallets. The approval covers prepaid instruments and wallets. The news lifted Paytm shares to a record high of Rs 1,960, signaling a positive market reaction to the regulatory step.
Why it matters
Paytm's payments unit received initial RBI approval on Friday to issue prepaid payment instruments, including digital wallets. The reported step matters for Paytm because it could expand its payments offering under RBI oversight. Markets reacted quickly, with Paytm shares hitting a record high of Rs 1,960 after the update.