Paytm moves nodal account to Axis Bank; Soundbox and Card machine to operate post-March 15

One97 Communications has announced that Paytm has moved its nodal account to Axis Bank, ensuring that its QR codes, Soundbox, and Card machines will remain operational beyond March 15, 2024, according to an exchange filing.

Following a January 31 directive from the central bank, Paytm Payments Bank Limited (PPBL) was instructed to halt further transactions after February 29. The Reserve Bank of India (RBI) extended PPBL’s deadline to March 15, 2024, to cease transactions, considering the interests of customers and merchants.

In response to RBI’s circular and FAQs clarifying Paytm services, the company assured its merchants of uninterrupted operations post the March deadline. A Paytm spokesperson assured merchants that there would be no disruptions or adjustments needed on their part.

They can continue to utilize Paytm’s solutions seamlessly, including QR codes, Soundbox, and Card Machines. To ensure smooth settlements, One97 Communications Limited shifted its nodal account to Axis Bank.

This transition is expected to seamlessly replace the existing arrangement with Paytm Payments Bank. Paytm remains committed to providing uninterrupted services to its customers and merchant partners, said a Paytm spokesperson.

Announcing the updates, Sunil Kumar Bansal, Company Secretary & Compliance Officer, One 97 Communications Limited, said:

Paytm QR, Soundbox, and Card machine will continue to work as always even beyond March 15, confirms RBI, will be disseminated shortly.