Traders will now be capable to use Paytm’s UPI deal with @Paytm to invest in capital markets via diverse brokerage platforms. Paytm Payments Bank on Monday announced that capital industry regulator Securities and Exchange Board of India (SEBI) has authorized its UPI deal with to ‘payment mandates for IPO application’. Paytm Payments Bank had processed 340 million UPI transactions amounting to Rs 38,493 crore in February 2021 when PhonePe led the UPI tally with 975 million transactions followed by 827 million transactions recorded by Google Pay, as per NPCI information. However, Paytm had registered the lowest technical decline price of .05 per cent in January 2021 amongst other UPI remitter banks.
“We believe that every Indian has a right to access capital markets and benefit from the burgeoning list of successful companies which are listing in the stock market. This presents a big opportunity,” Satish Gupta, MD & CEO – Paytm Payments Bank mentioned in a statement. The business added that it has partnered with its mutual funds investment platform Paytm Money to allow payment mandates for IPO applications and aimed to bring 10 million folks to equity markets by FY22. It targetted to open “over 3.5 lakh demat accounts by year-end and expects 60 per cent of users to be from small cities,” the business mentioned. The UPI deal with will quickly be activated across all brokerage platforms.
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“Based on this year’s IPO data, it can be conveniently said that India represents a huge appetite for IPOs. From FY 2021, the country’s stock exchanges (both NSE and BSE combined) witnessed around 24 IPOs and raised proceeds worth Rs.48,493 crores in total from the capital markets,” it added. Paytm Payments Bank Limited had reported an boost in its profit soon after tax to Rs 29.8 crores in FY20 from Rs 19.2 crores in FY19 largely led by its greater client acquisition in smaller sized cities. The annual income for the business also crossed Rs 2100 crores. The bank had facilitated more than 485 crore transactions worth Rs. 4.6 lakh crores through the year when domestic dollars transfers accounted for about Rs 29,000 crores.