NPCI: One97 Communications, the company that operates Paytm, has got a big relief after about seven months. The National Payments Corporation of India (NPCI) has approved Paytm to add new UPI users.
Keeping in mind the regulatory concerns, NPCI had banned Paytm from adding new UPI users in February 2024. After reviewing Paytm’s compliance with regulatory guidelines and protocols, NPCI has approved it to resume adding new users.
The approval letter issued by NPCI was also attached
In the information given by Paytm to the Bombay Stock Exchange, it was told, … We would like to inform you that through a letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has approved the company to add new UPI users with compliance of all NPCI procedural guidelines and circulars. Along with this, the company has also attached the approval letter issued by NPCI.
Net profit in the second quarter was Rs 928.3 crore
According to the letter, this approval is subject to compliance with all procedural guidelines and circulars issued by NPCI from time to time. This specifically includes guidelines and circulars issued on risk management, brand guidelines for app and QR, multi-bank guidelines, TPAP market share and customer data. On the other hand, Paytm’s net profit in the second quarter of the current financial year was Rs 928.3 crore.
Last year, there was a loss of Rs 290.5 crore during this period
Paytm’s parent company One97 Communications suffered a loss of Rs 290.5 crore in the second quarter (July-September) of FY 2023-24. Giving information about its financial performance, Paytm said, Paytm’s operational income declined by 34.1 percent year-on-year to Rs 1,659.5 crore in the quarter under review. Paytm made a net profit of Rs 928.3 crore in the second quarter. This also includes a profit of Rs 1345 crore from the sale of entertainment ticketing business.
The statement said, ‘The company believes that continued focus on payment and financial service delivery will drive profitable growth. This is reflected in the revenue of Rs 981 crore for the payment business. It has increased by nine per cent on a quarterly basis. Revenue from financial services stood at Rs 376 crore, which has increased by 34 per cent on a quarterly basis.’ The company’s indirect costs decreased by 17 per cent to Rs 1,080 crore due to reduction in employee costs, marketing expenses and absence of some one-time expenses in the first quarter of FY 2024-25.
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