One97 Communications
New to Zerodha? Sign-up for free.
New to Zerodha? Sign-up for free.
Get instant stock alerts
- Share Price
- Financials
- Revenue mix
- Shareholdings
- Peers
- Forensics
Share Price
Coming soon
- 5D
- 1M
- 6M
- YTD
- 1Y
- 5Y
- MAX
Financials
-
Summary
-
Profit & Loss
-
Balance sheet
-
Cashflow
This data is currently unavailable for this company.
| (In Cr.) |
|---|
| (In Cr.) | ||||
|---|---|---|---|---|
|
This data is currently unavailable for this company. |
| (In %) |
|---|
| (In Cr.) |
|---|
| Financial Year (In Cr.) |
|---|
Revenue mix
-
Product wise
-
Location wise
Revenue Mix
This data is currently unavailable for this company.
Revenue Mix
This data is currently unavailable for this company.
Forensics
Recent events
-
News
-
Corporate Actions
Oct 8 (Reuters) - Shares of Indian digital payments firms slid on Thursday after CNBC-TV18 reported that the proposed introduction of merchant discount rates (MDR) on Unified Payments Interface (UPI) transactions may be delayed by several months.
Shares of Paytm PAYT.NS declined 7.6% and One Mobikwik Systems ONEM.NS slipped 7.2%.
(Reporting by Saikeerthi in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; (+91) 8296756080))
Oct 8 (Reuters) - Shares of Indian digital payments firms slid on Thursday after CNBC-TV18 reported that the proposed introduction of merchant discount rates (MDR) on Unified Payments Interface (UPI) transactions may be delayed by several months.
Shares of Paytm PAYT.NS declined 7.6% and One Mobikwik Systems ONEM.NS slipped 7.2%.
(Reporting by Saikeerthi in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; (+91) 8296756080))
** Macquarie expects Indian banks to deliver ~18% FY28 EPS growth, aided by margin expansion of about 15 bps and easing credit costs
** Says private banks are set for a strong earnings recovery as margins improve and operating expenses moderate
** Brokerage upgrades Kotak Mahindra Bank KTKM.NS, Bank of Baroda BOB.NS, LIC Housing Finance LICH.NS, ICICI Life ICIR.NS and Paytm PAYT.NS to "Outperform"
** Macquarie downgrades PB Fintech PBFI.NS to "Neutral" from "Outperform", citing reduced upside potential
** Says PSU banks are poised to benefit from higher rates, with margin gains helping cushion expected credit-loss costs
** Macquarie says insurance valuations are attractive, with regulatory concerns largely priced in; prefers LIC LIFI.NS on improving margins and lower regulatory overhang
** YTD, financials index .NIFTYFIN down ~11%, banks index .NSEBANK falls ~8%; benchmark Nifty 50 .NSEI down 13.1%
(Reporting by Kashish Tandon in Bengaluru)
** Macquarie expects Indian banks to deliver ~18% FY28 EPS growth, aided by margin expansion of about 15 bps and easing credit costs
** Says private banks are set for a strong earnings recovery as margins improve and operating expenses moderate
** Brokerage upgrades Kotak Mahindra Bank KTKM.NS, Bank of Baroda BOB.NS, LIC Housing Finance LICH.NS, ICICI Life ICIR.NS and Paytm PAYT.NS to "Outperform"
** Macquarie downgrades PB Fintech PBFI.NS to "Neutral" from "Outperform", citing reduced upside potential
** Says PSU banks are poised to benefit from higher rates, with margin gains helping cushion expected credit-loss costs
** Macquarie says insurance valuations are attractive, with regulatory concerns largely priced in; prefers LIC LIFI.NS on improving margins and lower regulatory overhang
** YTD, financials index .NIFTYFIN down ~11%, banks index .NSEBANK falls ~8%; benchmark Nifty 50 .NSEI down 13.1%
(Reporting by Kashish Tandon in Bengaluru)
By Vivek Kumar M and Bharath Rajeswaran
Sept 24 (Reuters) - National Stock Exchange of India NSEI.BO shares rose as much as 5% on their trading debut on Thursday, after a $2.3 billion IPO, the country's second-biggest.
The stock listed on the BSE at 1,800 Indian rupees ($18.77), a premium of less than 1% to its IPO price.
Here's a look at the debut market performance of companies after large IPOs of more than $1 billion.
HYUNDAI MOTOR INDIA
Hyundai Motor India's HYUN.NS shares fell more than 7% on their 2024 debut after the country's largest-ever IPO drew muted response from retail investors.
Concerns over a rich valuation and an industry slowdown weighed on sentiment. Its South Korean parent 005380.KS raised 278.7 billion rupees ($2.91 billion) by selling a 17.5% stake in a pure offer-for-sale, where existing investors sell their stakes.
As of last close, Hyundai Motor India has gained about 7% over IPO price.
LIFE INSURANCE CORPORATION OF INDIA
Life Insurance Corp of India LIFI.NS, India's biggest insurance company, slid nearly 8% in its 2022 debut, despite strong demand for what was then the country's largest IPO.
The government raised about 205 billion rupees by selling a 3.5% stake in the state-owned insurer, well below its initial target of up to $12 billion.
LIC traded at 407.5 rupees, reflecting an adjusted price level following a 1:1 bonus issue in May.
PAYTM
Digital-payments firm Paytm PAYT.NS suffered one of India's worst large-cap market debuts in 2021, plunging more than 27% after its $2.5 billion IPO.
It intensified concerns over aggressive valuations, particularly among loss-making technology companies.
Paytm is down 17.5% since its debut.
TATA CAPITAL
Tata Capital TATC.NS gained a modest 1.4% on its debut in October 2025, as a crowded issuance calendar and limited valuation discount to listed peers curbed investor enthusiasm.
Its $1.75 billion IPO coincided with LG Electronics India's LGEL.NS $1.3 billion offering, which drew nearly $50 billion in bids.
Tata Capital is up 7.4% since listing.
COAL INDIA
State-run Coal India COAL.NS, the world's biggest coal miner, surged 40% on its listing day in November 2010, as investors snapped up a stock that is a proxy for surging growth and energy demand in India.
The largest IPO from the government at that time set the stage for the public listing of other state-owned entities.
Coal India has gained 73.3% since its market debut.
($1 = 95.8875 Indian rupees)
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Harikrishnan Nair)
(([email protected];))
By Vivek Kumar M and Bharath Rajeswaran
Sept 24 (Reuters) - National Stock Exchange of India NSEI.BO shares rose as much as 5% on their trading debut on Thursday, after a $2.3 billion IPO, the country's second-biggest.
The stock listed on the BSE at 1,800 Indian rupees ($18.77), a premium of less than 1% to its IPO price.
Here's a look at the debut market performance of companies after large IPOs of more than $1 billion.
HYUNDAI MOTOR INDIA
Hyundai Motor India's HYUN.NS shares fell more than 7% on their 2024 debut after the country's largest-ever IPO drew muted response from retail investors.
Concerns over a rich valuation and an industry slowdown weighed on sentiment. Its South Korean parent 005380.KS raised 278.7 billion rupees ($2.91 billion) by selling a 17.5% stake in a pure offer-for-sale, where existing investors sell their stakes.
As of last close, Hyundai Motor India has gained about 7% over IPO price.
LIFE INSURANCE CORPORATION OF INDIA
Life Insurance Corp of India LIFI.NS, India's biggest insurance company, slid nearly 8% in its 2022 debut, despite strong demand for what was then the country's largest IPO.
The government raised about 205 billion rupees by selling a 3.5% stake in the state-owned insurer, well below its initial target of up to $12 billion.
LIC traded at 407.5 rupees, reflecting an adjusted price level following a 1:1 bonus issue in May.
PAYTM
Digital-payments firm Paytm PAYT.NS suffered one of India's worst large-cap market debuts in 2021, plunging more than 27% after its $2.5 billion IPO.
It intensified concerns over aggressive valuations, particularly among loss-making technology companies.
Paytm is down 17.5% since its debut.
TATA CAPITAL
Tata Capital TATC.NS gained a modest 1.4% on its debut in October 2025, as a crowded issuance calendar and limited valuation discount to listed peers curbed investor enthusiasm.
Its $1.75 billion IPO coincided with LG Electronics India's LGEL.NS $1.3 billion offering, which drew nearly $50 billion in bids.
Tata Capital is up 7.4% since listing.
COAL INDIA
State-run Coal India COAL.NS, the world's biggest coal miner, surged 40% on its listing day in November 2010, as investors snapped up a stock that is a proxy for surging growth and energy demand in India.
The largest IPO from the government at that time set the stage for the public listing of other state-owned entities.
Coal India has gained 73.3% since its market debut.
($1 = 95.8875 Indian rupees)
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Harikrishnan Nair)
(([email protected];))
Fees to bring payment apps revenue of up to $1.1 billion a year by March 2028, Bernstein estimates
PhonePe and Google Pay handled 80% of UPI payment values last month
0.4% merchant fee applies from October 15 on UPI transactions above 2,000 rupees
New income may make rural expansion more viable for dominant apps, sources say
By Jaspreet Kalra and Ashwin Manikandan
MUMBAI, Sept 22 (Reuters) - Walmart-backed PhonePe and Google Pay could earn hundreds of millions of dollars a year in extra revenue from India's move to allow merchant fees on its widely used Unified Payments Interface (UPI) digital payment network, entrenching the dominant apps' lead over smaller rivals.
The end of UPI's six-year reign as a free network will give PhonePe and Google Pay, which together accounted for 80% of UPI payment values last month, the firepower to expand to rural areas, while prompting rivals to chase higher-value transactions to draw users and fees.
But the boost for the dominant incumbents could also renew focus on the level of market concentration regulators may be comfortable with.
UPI, used by over 500 million people in India to pay for everything from roadside cups of tea to iPhones, will cease to be free from October 15 after regulators last week permitted a 0.4% fee to be charged to merchants on transactions exceeding 2,000 rupees ($21).
The new fee, called the merchant discount rate (MDR), is expected to generate annual revenue of up to $1.1 billion for payment apps by March 2028, according to estimates by brokerage Bernstein. That would mean PhonePe and Google Pay would get about $900 million of that sum, based on their market share.
"The introduction of MDR is a positive step towards offsetting substantial operational costs and liabilities," said Rahul Chari, co-founder at PhonePe.
The change marks a shift for an ecosystem built around free payments, whose rapid adoption was driven by factors including India's 2016 demonetisation, which withdrew a large chunk of high-denomination currency from circulation, the COVID-19 pandemic and heavy customer incentives.
It also brings UPI closer to the models of global retail payment systems such as China's Alipay, Singapore's PayNow and Pix in Brazil, where fees range from 0.6% to 1.5%.
But the UPI fee has also drawn political criticism and prompted concerns that merchants could pass the cost on to consumers, potentially encouraging a shift back to cash in Asia's third-largest economy.
MAKING A RURAL PUSH VIABLE
The new revenue pool could give PhonePe and Google Pay greater incentive to expand beyond large urban centres into rural India, an expansion that was previously less commercially viable, according to two industry sources familiar with internal discussions at the firms.
Payments outside large urban areas may be smaller, but transaction data can help companies offer tailored loans and other financial products to bring in revenue, one of the sources said.
Google Pay did not respond to an email seeking comment, while PhonePe did not share specifics about its plans. The sources spoke on the condition of anonymity as they are not authorised to speak to the media.
Greater firepower for the two players, though, could also revive questions over whether regulators will try again to check their dominance in UPI payments.
The National Payments Corporation of India, a quasi-regulator and operator of UPI, has twice deferred a decision on imposing a 30% market-share cap.
Smaller rivals, meanwhile, are likely to target higher-value transactions such as ticket bookings, business payments and utility bills, while expanding credit offerings on UPI, executives and analysts said.
"Now I can give a direct reason to my team why we should continue to invest and grow the UPI ecosystem," said Bipin Preet Singh, co-founder of MobiKwik, which ranks 15th on the tally of most frequently used apps for UPI payments.
He expects the fee to push players towards bill payments and online commerce, as the industry shifts toward person-to-merchant payments over promoting peer-to-peer transfers.
Some venture investors, though, caution that the reform arrives late and may be skewed towards larger players.
"It might on the margins help smaller players with existing distribution, but the largest benefits are likely to accrue to large firms like PhonePe or Google Pay," said Joseph Sebastian, vice president for investments at Blume Ventures.
MERCHANTS EXPECT TO ABSORB FEE COSTS
While regulations prohibit merchants from explicitly passing on the cost, industry executives expect some degree of indirect pass-through.
But the Indian central bank, analysts at Bernstein, industry executives and half a dozen retail merchants Reuters spoke to in Mumbai said that a shift back towards cash is unlikely.
Govind Rawal, manager at a large clothing retailer named Suvidha in Mumbai's Dadar area, said about 80% of his shop's daily revenue of about 2 million rupees ($21,000) flows via UPI and he does not intend to pass on the cost.
"Customers are too used to UPI and the cost is quite small, so it doesn't make too much difference," he said.
In another Mumbai locality, 31-year-old Mahendra Vishnoi, who was shopping for household items, said he mostly uses UPI for everyday payments and hopes merchants do not raise prices to offset the fees, even though a small increase would not necessarily send him back to cash.
"The fees shouldn't keep rising in the future though. If it stays where it is for a few years, it should be fine."
(Reporting by Jaspreet Kalr and Ashwin Manikandan in Mumbai; Editing by Muralikumar Anantharaman)
(([email protected];))
Fees to bring payment apps revenue of up to $1.1 billion a year by March 2028, Bernstein estimates
PhonePe and Google Pay handled 80% of UPI payment values last month
0.4% merchant fee applies from October 15 on UPI transactions above 2,000 rupees
New income may make rural expansion more viable for dominant apps, sources say
By Jaspreet Kalra and Ashwin Manikandan
MUMBAI, Sept 22 (Reuters) - Walmart-backed PhonePe and Google Pay could earn hundreds of millions of dollars a year in extra revenue from India's move to allow merchant fees on its widely used Unified Payments Interface (UPI) digital payment network, entrenching the dominant apps' lead over smaller rivals.
The end of UPI's six-year reign as a free network will give PhonePe and Google Pay, which together accounted for 80% of UPI payment values last month, the firepower to expand to rural areas, while prompting rivals to chase higher-value transactions to draw users and fees.
But the boost for the dominant incumbents could also renew focus on the level of market concentration regulators may be comfortable with.
UPI, used by over 500 million people in India to pay for everything from roadside cups of tea to iPhones, will cease to be free from October 15 after regulators last week permitted a 0.4% fee to be charged to merchants on transactions exceeding 2,000 rupees ($21).
The new fee, called the merchant discount rate (MDR), is expected to generate annual revenue of up to $1.1 billion for payment apps by March 2028, according to estimates by brokerage Bernstein. That would mean PhonePe and Google Pay would get about $900 million of that sum, based on their market share.
"The introduction of MDR is a positive step towards offsetting substantial operational costs and liabilities," said Rahul Chari, co-founder at PhonePe.
The change marks a shift for an ecosystem built around free payments, whose rapid adoption was driven by factors including India's 2016 demonetisation, which withdrew a large chunk of high-denomination currency from circulation, the COVID-19 pandemic and heavy customer incentives.
It also brings UPI closer to the models of global retail payment systems such as China's Alipay, Singapore's PayNow and Pix in Brazil, where fees range from 0.6% to 1.5%.
But the UPI fee has also drawn political criticism and prompted concerns that merchants could pass the cost on to consumers, potentially encouraging a shift back to cash in Asia's third-largest economy.
MAKING A RURAL PUSH VIABLE
The new revenue pool could give PhonePe and Google Pay greater incentive to expand beyond large urban centres into rural India, an expansion that was previously less commercially viable, according to two industry sources familiar with internal discussions at the firms.
Payments outside large urban areas may be smaller, but transaction data can help companies offer tailored loans and other financial products to bring in revenue, one of the sources said.
Google Pay did not respond to an email seeking comment, while PhonePe did not share specifics about its plans. The sources spoke on the condition of anonymity as they are not authorised to speak to the media.
Greater firepower for the two players, though, could also revive questions over whether regulators will try again to check their dominance in UPI payments.
The National Payments Corporation of India, a quasi-regulator and operator of UPI, has twice deferred a decision on imposing a 30% market-share cap.
Smaller rivals, meanwhile, are likely to target higher-value transactions such as ticket bookings, business payments and utility bills, while expanding credit offerings on UPI, executives and analysts said.
"Now I can give a direct reason to my team why we should continue to invest and grow the UPI ecosystem," said Bipin Preet Singh, co-founder of MobiKwik, which ranks 15th on the tally of most frequently used apps for UPI payments.
He expects the fee to push players towards bill payments and online commerce, as the industry shifts toward person-to-merchant payments over promoting peer-to-peer transfers.
Some venture investors, though, caution that the reform arrives late and may be skewed towards larger players.
"It might on the margins help smaller players with existing distribution, but the largest benefits are likely to accrue to large firms like PhonePe or Google Pay," said Joseph Sebastian, vice president for investments at Blume Ventures.
MERCHANTS EXPECT TO ABSORB FEE COSTS
While regulations prohibit merchants from explicitly passing on the cost, industry executives expect some degree of indirect pass-through.
But the Indian central bank, analysts at Bernstein, industry executives and half a dozen retail merchants Reuters spoke to in Mumbai said that a shift back towards cash is unlikely.
Govind Rawal, manager at a large clothing retailer named Suvidha in Mumbai's Dadar area, said about 80% of his shop's daily revenue of about 2 million rupees ($21,000) flows via UPI and he does not intend to pass on the cost.
"Customers are too used to UPI and the cost is quite small, so it doesn't make too much difference," he said.
In another Mumbai locality, 31-year-old Mahendra Vishnoi, who was shopping for household items, said he mostly uses UPI for everyday payments and hopes merchants do not raise prices to offset the fees, even though a small increase would not necessarily send him back to cash.
"The fees shouldn't keep rising in the future though. If it stays where it is for a few years, it should be fine."
(Reporting by Jaspreet Kalr and Ashwin Manikandan in Mumbai; Editing by Muralikumar Anantharaman)
(([email protected];))
By Jaspreet Kalra
MUMBAI, Sept 16 (Reuters) - Using mobile phones to scan a QR code for payments has become near ubiquitous behaviour in India over the last decade, thanks to a widely used homegrown network, the Unified Payments Interface (UPI).
But after six years of free use, regardless of size or type of payment, India has decided to start charging merchants a fee of 0.4% for transactions of more than 2,000 rupees ($21), known as the Merchant Discount Rate (MDR), with some exclusions, though person-to-person transfers remain free.
Shares of Indian payment firms rose on Wednesday as investors saw the MDR opening fresh revenue lines for banks and payment firms that have so far absorbed the costs of such transactions.
HOW BIG IS UPI?
In August, UPI processed a total of 24.5 billion transactions worth 29,823 billion rupees for more than 550 million users, official data show.
UPI has a share of 84% in India's digital payments by volume and a 49% share of global real-time payment volumes, the government said on Tuesday.
Walmart's PhonePe and Alphabet's GooglePay had about 80% market share by value of UPI transactions in August.
WAS UPI ALWAYS FREE?
Its pricing model at launch in 2016 included nominal charges temporarily waived in 2017 when India demonetised a large chunk of its high-denomination currency notes.
In 2020, all charges were scrapped, kicking off a zero-MDR regime set to end on October 15, 2026.
WHAT FEE WILL BE IMPOSED?
A fee of 40 basis points applies to transactions above 2,000 rupees with merchants, along with carve-outs for payments to small merchants and those operating in rural or semi-urban areas. Widely used categories such as telecom, railways and mutual fund or stock investments will attract lower charges.
Fees are capped at 300 rupees on transactions exceeding 75,000 rupees.
WILL CONSUMERS PAY THE FEE?
While the National Payment Corporation has said merchants cannot pass on the fee to consumers directly, critics fear they will eventually pass on the charges to customers.
Merchants pay the fee to banks that process the transactions with a portion also passed on to payment apps, such as Google Pay and PhonePe, that facilitate such payments.
WHAT CRITICISM DOES IT FACE?
India's opposition party, Congress, has criticised the government's decision, with opposition leader Rahul Gandhi saying the fees will swell the burden for consumers as merchants pass on the cost.
Social media users have also voiced concern that the change could prompt merchants to prefer cash payments, questioning the rationale for levying charges to use "digital public infrastructure," as the government has termed it in the past.
WHY DOES UPI NEED THE MERCHANT DISCOUNT RATE?
India's government, the central bank and payments authority say, the MDR will help make UPI self-sustainable, give a fillip to expansion in rural and semi-urban areas, and keep a large majority of payments free of charge.
($1=95.9275 rupees)
(Reporting by Jaspreet Kalra; Editing by Clarence Fernandez)
(([email protected]; +91-8769636545;))
By Jaspreet Kalra
MUMBAI, Sept 16 (Reuters) - Using mobile phones to scan a QR code for payments has become near ubiquitous behaviour in India over the last decade, thanks to a widely used homegrown network, the Unified Payments Interface (UPI).
But after six years of free use, regardless of size or type of payment, India has decided to start charging merchants a fee of 0.4% for transactions of more than 2,000 rupees ($21), known as the Merchant Discount Rate (MDR), with some exclusions, though person-to-person transfers remain free.
Shares of Indian payment firms rose on Wednesday as investors saw the MDR opening fresh revenue lines for banks and payment firms that have so far absorbed the costs of such transactions.
HOW BIG IS UPI?
In August, UPI processed a total of 24.5 billion transactions worth 29,823 billion rupees for more than 550 million users, official data show.
UPI has a share of 84% in India's digital payments by volume and a 49% share of global real-time payment volumes, the government said on Tuesday.
Walmart's PhonePe and Alphabet's GooglePay had about 80% market share by value of UPI transactions in August.
WAS UPI ALWAYS FREE?
Its pricing model at launch in 2016 included nominal charges temporarily waived in 2017 when India demonetised a large chunk of its high-denomination currency notes.
In 2020, all charges were scrapped, kicking off a zero-MDR regime set to end on October 15, 2026.
WHAT FEE WILL BE IMPOSED?
A fee of 40 basis points applies to transactions above 2,000 rupees with merchants, along with carve-outs for payments to small merchants and those operating in rural or semi-urban areas. Widely used categories such as telecom, railways and mutual fund or stock investments will attract lower charges.
Fees are capped at 300 rupees on transactions exceeding 75,000 rupees.
WILL CONSUMERS PAY THE FEE?
While the National Payment Corporation has said merchants cannot pass on the fee to consumers directly, critics fear they will eventually pass on the charges to customers.
Merchants pay the fee to banks that process the transactions with a portion also passed on to payment apps, such as Google Pay and PhonePe, that facilitate such payments.
WHAT CRITICISM DOES IT FACE?
India's opposition party, Congress, has criticised the government's decision, with opposition leader Rahul Gandhi saying the fees will swell the burden for consumers as merchants pass on the cost.
Social media users have also voiced concern that the change could prompt merchants to prefer cash payments, questioning the rationale for levying charges to use "digital public infrastructure," as the government has termed it in the past.
WHY DOES UPI NEED THE MERCHANT DISCOUNT RATE?
India's government, the central bank and payments authority say, the MDR will help make UPI self-sustainable, give a fillip to expansion in rural and semi-urban areas, and keep a large majority of payments free of charge.
($1=95.9275 rupees)
(Reporting by Jaspreet Kalra; Editing by Clarence Fernandez)
(([email protected]; +91-8769636545;))
One97 Communications said the National Payments Corporation of India introduced a merchant discount rate of up to 0.4% on Unified Payments Interface person-to-merchant transactions above Rs2,000 through a circular dated September 15, 2026, effective October 15, 2026. Customers would continue to pay no charge for UPI payments, while the company said the levy would create additional revenue from merchant transactions that were free earlier and that it would disclose impact once ascertained. Payments contributed roughly 55% of its Rs8,440 crore consolidated operating revenue in FY26, while financial-services distribution accounted for about 30%. The company had 1.57 crore Soundbox devices deployed in the June quarter, when merchant gross merchandise value rose 31% and consumer UPI transaction value grew 45%. Its material subsidiary Paytm Payments Services held online, offline and cross-border payment aggregator licences, and took over the offline merchant payments business on November 30, 2025.
Powered by Tijori
One97 Communications said the National Payments Corporation of India introduced a merchant discount rate of up to 0.4% on Unified Payments Interface person-to-merchant transactions above Rs2,000 through a circular dated September 15, 2026, effective October 15, 2026. Customers would continue to pay no charge for UPI payments, while the company said the levy would create additional revenue from merchant transactions that were free earlier and that it would disclose impact once ascertained. Payments contributed roughly 55% of its Rs8,440 crore consolidated operating revenue in FY26, while financial-services distribution accounted for about 30%. The company had 1.57 crore Soundbox devices deployed in the June quarter, when merchant gross merchandise value rose 31% and consumer UPI transaction value grew 45%. Its material subsidiary Paytm Payments Services held online, offline and cross-border payment aggregator licences, and took over the offline merchant payments business on November 30, 2025.
Powered by Tijori
Repeats to fix graphic link
Meeting follows change in law that paves way for charge on large UPI payments
Regulators lean toward 0.4% charge, one source says
Transactions between individuals to remain free, sources say
Jefferies estimates merchant fees could generate 50 billion to 100 billion rupees in annual revenue
By Jaspreet Kalra and Ashwin Manikandan
MUMBAI, Sept 15 (Reuters) - India's payments authority is talking to lenders and payments firms on Tuesday to discuss levying charges on large transactions in the world's largest retail fast-payment system, three sources familiar with the plans told Reuters.
The consultations come after India changed its payments legislation on Monday, allowing firms to charge transactions of more than 2,000 rupees (about $20). All payments using the Unified Payments Interface have been free so far.
The move will benefit banks and payment firms in Asia's third-largest economy that posted 24 billion UPI payments totalling $311 billion in August.
The agenda for Tuesday's meeting includes the overall fees to be levied on payments to merchants and the split between banks, payment apps and aggregators, two of the three sources said.
Regulatory authorities, including the National Payments Corporation of India and the Reserve Bank of India, are leaning towards a 0.4% charge but the final rate and the split have yet to be decided, the third source said.
The second of the three sources said the banks could get 40% of the fees, with the remainder evenly divided between the payment app and the merchant payment services provider.
While person-to-merchant transactions are expected to be monetized, peer-to-peer transactions will remain free, the sources said.
All the sources requested anonymity as they are not authorized to speak to the media. The NPCI and RBI did not immediately respond to emails seeking comment.
INCHING CLOSER
Introduction of charges on UPI would benefit Paytm PAYT.NS and Pine Labs PINL.NS, open an additional revenue source for banks and boost prospects for IPO-bound PhonePe and Razorpay.
Analysts at Jefferies estimate that the fees could generate 50 billion rupees to 100 billion rupees annually for the payments industry.
India's payments landscape is dominated by apps that have received sizeable overseas investment such as Walmart-backed PhonePe PHOP.NS, Alphabet's GOOGL.O Google Pay, Paytm and Meta-backed META.O CRED.
($1 = 95.8675 Indian rupees)
(Reporting by Jaspreet Kalra, Ashwin Manikandan in Mumbai; Editing by Mrigank Dhaniwala)
(([email protected]; +91-8769636545;))
Repeats to fix graphic link
Meeting follows change in law that paves way for charge on large UPI payments
Regulators lean toward 0.4% charge, one source says
Transactions between individuals to remain free, sources say
Jefferies estimates merchant fees could generate 50 billion to 100 billion rupees in annual revenue
By Jaspreet Kalra and Ashwin Manikandan
MUMBAI, Sept 15 (Reuters) - India's payments authority is talking to lenders and payments firms on Tuesday to discuss levying charges on large transactions in the world's largest retail fast-payment system, three sources familiar with the plans told Reuters.
The consultations come after India changed its payments legislation on Monday, allowing firms to charge transactions of more than 2,000 rupees (about $20). All payments using the Unified Payments Interface have been free so far.
The move will benefit banks and payment firms in Asia's third-largest economy that posted 24 billion UPI payments totalling $311 billion in August.
The agenda for Tuesday's meeting includes the overall fees to be levied on payments to merchants and the split between banks, payment apps and aggregators, two of the three sources said.
Regulatory authorities, including the National Payments Corporation of India and the Reserve Bank of India, are leaning towards a 0.4% charge but the final rate and the split have yet to be decided, the third source said.
The second of the three sources said the banks could get 40% of the fees, with the remainder evenly divided between the payment app and the merchant payment services provider.
While person-to-merchant transactions are expected to be monetized, peer-to-peer transactions will remain free, the sources said.
All the sources requested anonymity as they are not authorized to speak to the media. The NPCI and RBI did not immediately respond to emails seeking comment.
INCHING CLOSER
Introduction of charges on UPI would benefit Paytm PAYT.NS and Pine Labs PINL.NS, open an additional revenue source for banks and boost prospects for IPO-bound PhonePe and Razorpay.
Analysts at Jefferies estimate that the fees could generate 50 billion rupees to 100 billion rupees annually for the payments industry.
India's payments landscape is dominated by apps that have received sizeable overseas investment such as Walmart-backed PhonePe PHOP.NS, Alphabet's GOOGL.O Google Pay, Paytm and Meta-backed META.O CRED.
($1 = 95.8675 Indian rupees)
(Reporting by Jaspreet Kalra, Ashwin Manikandan in Mumbai; Editing by Mrigank Dhaniwala)
(([email protected]; +91-8769636545;))
** Jefferies initiates "25% CAGR Club" theme, naming five Indian financial firms it expects to deliver about 25% annual operating profit growth over next three years
** Brokerage rates Groww BILO.NS, Paytm PAYT.NS, PB Fintech PBFI.NS , AU Small Finance Bank AUFI.NS and Poonawalla Fincorp POON.NS as "Buy", citing strong revenue growth and benefits from operating leverage
** PAYT up 4.5%, BILO 2.1%
** Jefferies sees Groww and Paytm benefiting from expanding customer bases, improved monetisation and new product initiatives
** Brokerage raises Paytm PT to 2,100 rupees from 1,600 rupees
** PBFI gaining from rising insurance penetration and dominant online distribution platform, while AUFI expected to benefit from transition to universal bank model, Jefferies says
** POON to post strong asset-under-management growth driven by expansion in new lending products, with improving profitability and credit costs supporting earnings growth, according to brokerage
(Reporting by Urvi Dugar in Bengaluru)
** Jefferies initiates "25% CAGR Club" theme, naming five Indian financial firms it expects to deliver about 25% annual operating profit growth over next three years
** Brokerage rates Groww BILO.NS, Paytm PAYT.NS, PB Fintech PBFI.NS , AU Small Finance Bank AUFI.NS and Poonawalla Fincorp POON.NS as "Buy", citing strong revenue growth and benefits from operating leverage
** PAYT up 4.5%, BILO 2.1%
** Jefferies sees Groww and Paytm benefiting from expanding customer bases, improved monetisation and new product initiatives
** Brokerage raises Paytm PT to 2,100 rupees from 1,600 rupees
** PBFI gaining from rising insurance penetration and dominant online distribution platform, while AUFI expected to benefit from transition to universal bank model, Jefferies says
** POON to post strong asset-under-management growth driven by expansion in new lending products, with improving profitability and credit costs supporting earnings growth, according to brokerage
(Reporting by Urvi Dugar in Bengaluru)
** Shares of India's Paytm PAYT.NS rise as much as 3.8% to 1,604.90 rupees
** 19.2 million shares sold by Resilient Asset Management change hands in block deals worth 29.49 billion rupees on Tuesday, exchange data show
** Floor price for block deals set at 1,535.10 rupees per share, about 1% premium to stock's close on Tuesday
** Foreign investors including Goldman Sachs, BNP Paribas and Societe Generale, and domestic investors such as SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund were among the buyers
** Stock up 22.2% YTD
(Reporting by Payel Das in Bengaluru)
** Shares of India's Paytm PAYT.NS rise as much as 3.8% to 1,604.90 rupees
** 19.2 million shares sold by Resilient Asset Management change hands in block deals worth 29.49 billion rupees on Tuesday, exchange data show
** Floor price for block deals set at 1,535.10 rupees per share, about 1% premium to stock's close on Tuesday
** Foreign investors including Goldman Sachs, BNP Paribas and Societe Generale, and domestic investors such as SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund were among the buyers
** Stock up 22.2% YTD
(Reporting by Payel Das in Bengaluru)
** Shares of India's One 97 Communications PAYT.NS fall 1.28% to 1,560.40 rupees, on track for third session of losses
** Fintech firm said on Monday that Netherlands-based Resilient Asset Management, fully owned by its founder and CEO Vijay Shekhar Sharma, has proposed to sell upto 4.98% stake in co
** Resilient held 10.19% stake in co as of June 30, 2026 -LSEG data
** Floor price for block trade set at 1,535.10 rupees per share, a discount of 2.85% to Paytm's last close of 1,580.20 rupees
** Proposed sale would value stake at about 48.95 billion rupees ($511.63 million) at that price
** YTD stock up 20.1%
($1 = 95.6750 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of India's One 97 Communications PAYT.NS fall 1.28% to 1,560.40 rupees, on track for third session of losses
** Fintech firm said on Monday that Netherlands-based Resilient Asset Management, fully owned by its founder and CEO Vijay Shekhar Sharma, has proposed to sell upto 4.98% stake in co
** Resilient held 10.19% stake in co as of June 30, 2026 -LSEG data
** Floor price for block trade set at 1,535.10 rupees per share, a discount of 2.85% to Paytm's last close of 1,580.20 rupees
** Proposed sale would value stake at about 48.95 billion rupees ($511.63 million) at that price
** YTD stock up 20.1%
($1 = 95.6750 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
One 97 Communications said Resilient Asset Management B.V. proposed to sell up to 4.98% of Paytm through a block market trade under its existing optionally convertible debenture agreement with Antfin (Netherlands) Holding B.V. The economic value from the sale was to be retained by Antfin, while Paytm was not a party to the transaction and the founder’s direct shareholding was unchanged. Resilient had acquired an approximately 10.20% stake in Paytm from Antfin against OCDs in August 2023. A separate August 4 sale by SAIF III Mauritius and affiliates had reduced their combined holding from 14.40% to 10.73%.
Powered by Tijori
One 97 Communications said Resilient Asset Management B.V. proposed to sell up to 4.98% of Paytm through a block market trade under its existing optionally convertible debenture agreement with Antfin (Netherlands) Holding B.V. The economic value from the sale was to be retained by Antfin, while Paytm was not a party to the transaction and the founder’s direct shareholding was unchanged. Resilient had acquired an approximately 10.20% stake in Paytm from Antfin against OCDs in August 2023. A separate August 4 sale by SAIF III Mauritius and affiliates had reduced their combined holding from 14.40% to 10.73%.
Powered by Tijori
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Aug 17 (Reuters Breakingviews) - India’s digital payments system doesn’t have to be free to be a public good. In 2020, four years after the country launched its home-grown Unified Payments Interface, or UPI, the government scrapped merchant fees to speed up adoption. This policy has been a roaring success. The decision taken this month to re-introduce charges is the best way to ensure the pioneering system, propped up by user-friendly interfaces of Alphabet's GOOGL.O Google Pay, Walmart's WMT.O PhonePe, Paytm PAYT.NS and others, thrives for the long term.
Over the past six years, monthly UPI transactions rose from 1 billion to 24 billion. Embraced by 555 million Indians, the system processed payments worth 29.87 trillion rupees ($313.16 billion) for the month of July. Now, instead of using cash or swiping a Visa V.N or Mastercard MA.N card to buy vegetables, a Starbucks coffee or an airline ticket, Indians use UPI applications on their mobile phones to make instant bank-to-bank transfers to friends and merchants. Cash is no longer king.
The government has not confirmed the new fees, but so long as they only apply to higher-value transactions and remain below the 0.9% and 1.5% charged on debit cards and credit cards, UPI will remain accessible and retain its popularity. A Reuters report, citing unnamed sources, says fees could be 0.3% to 0.5% on transactions above 2,000 rupees - roughly $21 - for merchants with annual turnover exceeding 15 million rupees. If so, that would apply to just 4% of total UPI volume in the year to the end of March 2026.
Without generating profits on everyday transactions, payments companies have less to invest back into maintaining digital infrastructure, fraud prevention and customer acquisition. Instead, they rely on other business lines including cross-selling loans, insurance and mutual funds to users and merchants. Growing this business has been a slog: Paytm, India's original digital payments poster child owned by One97 Communications, only turned a full-year profit in March 2026. PhonePe is preparing for a public listing but is still losing money. And the government's subsidy to support payments is also insufficient to incentivise companies to bring on board the next 500 million users in far-flung cities and towns.
What's more, the most popular UPI applications in India are funded through the deep pockets of U.S. tech giants: official data show Walmart and Alphabet combined supported 78% and 82% of the total volume and value of transactions last month. That leaves the payments system vulnerable to any change in foreign companies' commitment to the South Asian country. With digital payments habits firmly embedded in the public, it's the right time to introduce nominal fees.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
India on August 10 passed a bill that will allow the re-introduction of merchant fees on transactions made through the country's Unified Payments Interface (UPI).
The Ministry of Finance clarified in a press release on August 8 that person-to-person transactions will remain free of charge and the charges will be “threshold based” for a “limited set of merchant transactions”.
India scrapped fees, known as the Merchant Discount Rate, on UPI transactions in January 2020 to accelerate the adoption of the homegrown payments network.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Aug 17 (Reuters Breakingviews) - India’s digital payments system doesn’t have to be free to be a public good. In 2020, four years after the country launched its home-grown Unified Payments Interface, or UPI, the government scrapped merchant fees to speed up adoption. This policy has been a roaring success. The decision taken this month to re-introduce charges is the best way to ensure the pioneering system, propped up by user-friendly interfaces of Alphabet's GOOGL.O Google Pay, Walmart's WMT.O PhonePe, Paytm PAYT.NS and others, thrives for the long term.
Over the past six years, monthly UPI transactions rose from 1 billion to 24 billion. Embraced by 555 million Indians, the system processed payments worth 29.87 trillion rupees ($313.16 billion) for the month of July. Now, instead of using cash or swiping a Visa V.N or Mastercard MA.N card to buy vegetables, a Starbucks coffee or an airline ticket, Indians use UPI applications on their mobile phones to make instant bank-to-bank transfers to friends and merchants. Cash is no longer king.
The government has not confirmed the new fees, but so long as they only apply to higher-value transactions and remain below the 0.9% and 1.5% charged on debit cards and credit cards, UPI will remain accessible and retain its popularity. A Reuters report, citing unnamed sources, says fees could be 0.3% to 0.5% on transactions above 2,000 rupees - roughly $21 - for merchants with annual turnover exceeding 15 million rupees. If so, that would apply to just 4% of total UPI volume in the year to the end of March 2026.
Without generating profits on everyday transactions, payments companies have less to invest back into maintaining digital infrastructure, fraud prevention and customer acquisition. Instead, they rely on other business lines including cross-selling loans, insurance and mutual funds to users and merchants. Growing this business has been a slog: Paytm, India's original digital payments poster child owned by One97 Communications, only turned a full-year profit in March 2026. PhonePe is preparing for a public listing but is still losing money. And the government's subsidy to support payments is also insufficient to incentivise companies to bring on board the next 500 million users in far-flung cities and towns.
What's more, the most popular UPI applications in India are funded through the deep pockets of U.S. tech giants: official data show Walmart and Alphabet combined supported 78% and 82% of the total volume and value of transactions last month. That leaves the payments system vulnerable to any change in foreign companies' commitment to the South Asian country. With digital payments habits firmly embedded in the public, it's the right time to introduce nominal fees.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
India on August 10 passed a bill that will allow the re-introduction of merchant fees on transactions made through the country's Unified Payments Interface (UPI).
The Ministry of Finance clarified in a press release on August 8 that person-to-person transactions will remain free of charge and the charges will be “threshold based” for a “limited set of merchant transactions”.
India scrapped fees, known as the Merchant Discount Rate, on UPI transactions in January 2020 to accelerate the adoption of the homegrown payments network.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
** Paytm PAYT.NS shares jump as much as 10.62% to 1,594.70 rupees, their highest since Dec. 20, 2021
** Uptick after Bernstein reiterates "outperform" and raises price target to 2,200 rupees from 1,500 rupees, implying an upside of 53% for PAYT in the next 12 months
** The brokerage's PT is the highest among 20 analysts tracking the online payments services provider with an average rating of "buy"
** Says introduction of merchant discount rate — the fee charged to merchants for accepting digital payment transactions — on UPI transactions could lift net payment margins by 3-4 bps, driving a 30% increase in FY2030 EPS
** "Recent commentary from the Ministry of Finance, coupled with legislative changes that remove the statutory prohibition on charging MDR on UPI transactions, suggests the debate has shifted from 'if' MDR returns to 'when' and 'in what' form" - Bernstein
** Estimates MDR to apply to 50% of transaction value and that PAYT can realise 22 billion rupees of incremental operating profit by FY2030
** PAYT shares are up 22.2% in 2026 so far, according to exchange data
($1 = 95.2825 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Paytm PAYT.NS shares jump as much as 10.62% to 1,594.70 rupees, their highest since Dec. 20, 2021
** Uptick after Bernstein reiterates "outperform" and raises price target to 2,200 rupees from 1,500 rupees, implying an upside of 53% for PAYT in the next 12 months
** The brokerage's PT is the highest among 20 analysts tracking the online payments services provider with an average rating of "buy"
** Says introduction of merchant discount rate — the fee charged to merchants for accepting digital payment transactions — on UPI transactions could lift net payment margins by 3-4 bps, driving a 30% increase in FY2030 EPS
** "Recent commentary from the Ministry of Finance, coupled with legislative changes that remove the statutory prohibition on charging MDR on UPI transactions, suggests the debate has shifted from 'if' MDR returns to 'when' and 'in what' form" - Bernstein
** Estimates MDR to apply to 50% of transaction value and that PAYT can realise 22 billion rupees of incremental operating profit by FY2030
** PAYT shares are up 22.2% in 2026 so far, according to exchange data
($1 = 95.2825 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Law change would allow merchant fees on UPI payments, sources say
Government weighs 0.3% to 0.5% MDR on transactions above 2,000 rupees, source says
July UPI network processed 23.6 billion transactions worth 29.9 trillion rupees, data shows
By Ashwin Manikandan and Nikunj Ohri
NEW DELHI/MUMBAI, Aug 4 (Reuters) - India has moved a step closer to reintroducing merchant fees on transactions made through its popular Unified Payments Interface (UPI) after proposed changes to the country's payments laws were introduced in parliament on Tuesday.
UPI, one of the world's largest real-time payments networks, processed 23.6 billion transactions worth 29.9 trillion rupees ($313.5 billion) in July, according to official data. Walmart's WMT.O PhonePe and Alphabet's GOOGL.O Google Pay dominate payments via UPI.
Industry executives have long argued that growth in digital payments has become harder to sustain because payment firms earn no fee on UPI transactions, limiting their ability to invest in the ecosystem.
An amendment to India's Payment and Settlement Systems Act, tabled in parliament by Finance Minister Nirmala Sitharaman, would allow the introduction of a merchant discount rate (MDR) on digital payments, according to industry and regulatory sources.
The sources said the change creates a legal basis for charging an MDR, but no decision has yet been made on the level of fees or where they would apply.
The sources declined to be identified because they were not authorised to speak to the media. India's finance ministry, central bank and national payments authority did not immediately respond to requests for comment.
An MDR is a fee paid by merchants to banks and payments service providers for processing digital transactions. While credit cards in India typically attract an MDR of about 1.5% and debit cards up to 0.9%, UPI transactions are currently free for merchants.
TWO APPROACHES BEING CONSIDERED
Policymakers are considering two broad options, according to two sources with direct knowledge of the matter: charging an MDR on transactions above a specified threshold or levying fees based on a merchant's annual turnover.
One proposal would apply charges only to large merchants while keeping UPI payments free for consumers and small businesses, the sources said.
The government is considering a proposal to impose an MDR of 0.3% to 0.5% on transactions above 2,000 rupees ($20.97) for merchants with annual turnover exceeding 15 million rupees, according to a government source.
A report by Jefferies on Tuesday said transactions above 2,000 rupees account for just 4% of merchant payment volumes but about 67% of transaction value.
The brokerage estimated such a move could create a revenue pool of 50 billion to 100 billion rupees for the payments industry and benefit companies including Paytm PAYT.NS and Pine Labs PINL.NS.
($1 = 95.3800 Indian rupees)
(Reporting by Nikunj Ohri in New Delhi and Ashwin Manikandan in Mumbai. Additional reporting by Jaspreet Kalra and Ira Dugal. Editing by Mark Potter)
(([email protected];))
Law change would allow merchant fees on UPI payments, sources say
Government weighs 0.3% to 0.5% MDR on transactions above 2,000 rupees, source says
July UPI network processed 23.6 billion transactions worth 29.9 trillion rupees, data shows
By Ashwin Manikandan and Nikunj Ohri
NEW DELHI/MUMBAI, Aug 4 (Reuters) - India has moved a step closer to reintroducing merchant fees on transactions made through its popular Unified Payments Interface (UPI) after proposed changes to the country's payments laws were introduced in parliament on Tuesday.
UPI, one of the world's largest real-time payments networks, processed 23.6 billion transactions worth 29.9 trillion rupees ($313.5 billion) in July, according to official data. Walmart's WMT.O PhonePe and Alphabet's GOOGL.O Google Pay dominate payments via UPI.
Industry executives have long argued that growth in digital payments has become harder to sustain because payment firms earn no fee on UPI transactions, limiting their ability to invest in the ecosystem.
An amendment to India's Payment and Settlement Systems Act, tabled in parliament by Finance Minister Nirmala Sitharaman, would allow the introduction of a merchant discount rate (MDR) on digital payments, according to industry and regulatory sources.
The sources said the change creates a legal basis for charging an MDR, but no decision has yet been made on the level of fees or where they would apply.
The sources declined to be identified because they were not authorised to speak to the media. India's finance ministry, central bank and national payments authority did not immediately respond to requests for comment.
An MDR is a fee paid by merchants to banks and payments service providers for processing digital transactions. While credit cards in India typically attract an MDR of about 1.5% and debit cards up to 0.9%, UPI transactions are currently free for merchants.
TWO APPROACHES BEING CONSIDERED
Policymakers are considering two broad options, according to two sources with direct knowledge of the matter: charging an MDR on transactions above a specified threshold or levying fees based on a merchant's annual turnover.
One proposal would apply charges only to large merchants while keeping UPI payments free for consumers and small businesses, the sources said.
The government is considering a proposal to impose an MDR of 0.3% to 0.5% on transactions above 2,000 rupees ($20.97) for merchants with annual turnover exceeding 15 million rupees, according to a government source.
A report by Jefferies on Tuesday said transactions above 2,000 rupees account for just 4% of merchant payment volumes but about 67% of transaction value.
The brokerage estimated such a move could create a revenue pool of 50 billion to 100 billion rupees for the payments industry and benefit companies including Paytm PAYT.NS and Pine Labs PINL.NS.
($1 = 95.3800 Indian rupees)
(Reporting by Nikunj Ohri in New Delhi and Ashwin Manikandan in Mumbai. Additional reporting by Jaspreet Kalra and Ira Dugal. Editing by Mark Potter)
(([email protected];))
By Ashwin Manikandan
MUMBAI, July 28 (Reuters) - India's central bank said on Tuesday that the Delhi High Court has ordered the winding up of Paytm Payments Bank and appointed a former State Bank of India executive as the official liquidator, marking the final step in the closure of the payments bank following a prolonged regulatory crackdown.
The Reserve Bank of India had cancelled the banking licence of Paytm Payments Bank on April 24 and subsequently approached the court seeking winding-up proceedings and the appointment of a liquidator.
"The affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors," the RBI said at the time.
Girikumar M. Nair will oversee the liquidation process and exercise all the powers of the bank's board with effect from July 8, the RBI said.
Paytm Payments Bank was once India's largest payments bank and a key part of the country's digital payments ecosystem after receiving a licence in 2015.
A payments banks is a type of lender in India that is allowed to accept deposits but not extend loans.
Paytm Payments Bank, backed by digital payments firm One 97 Communications PAYT.NS, came under increasing regulatory scrutiny in March 2022 after the RBI ordered the bank to stop onboarding new customers, citing supervisory concerns.
In January 2024, the RBI barred the bank from accepting fresh deposits due to persistent non-compliance issues.
(Reporting by Ashwin Manikandan; Editing by Sonia Cheema)
(([email protected];))
By Ashwin Manikandan
MUMBAI, July 28 (Reuters) - India's central bank said on Tuesday that the Delhi High Court has ordered the winding up of Paytm Payments Bank and appointed a former State Bank of India executive as the official liquidator, marking the final step in the closure of the payments bank following a prolonged regulatory crackdown.
The Reserve Bank of India had cancelled the banking licence of Paytm Payments Bank on April 24 and subsequently approached the court seeking winding-up proceedings and the appointment of a liquidator.
"The affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors," the RBI said at the time.
Girikumar M. Nair will oversee the liquidation process and exercise all the powers of the bank's board with effect from July 8, the RBI said.
Paytm Payments Bank was once India's largest payments bank and a key part of the country's digital payments ecosystem after receiving a licence in 2015.
A payments banks is a type of lender in India that is allowed to accept deposits but not extend loans.
Paytm Payments Bank, backed by digital payments firm One 97 Communications PAYT.NS, came under increasing regulatory scrutiny in March 2022 after the RBI ordered the bank to stop onboarding new customers, citing supervisory concerns.
In January 2024, the RBI barred the bank from accepting fresh deposits due to persistent non-compliance issues.
(Reporting by Ashwin Manikandan; Editing by Sonia Cheema)
(([email protected];))
By Ashwin Manikandan
MUMBAI, July 23 (Reuters) - Several Indian digital payments firms have opposed a proposal that would allow merchants to store customers' preferred Unified Payments Interface option for one-click checkouts, arguing it could entrench the dominance of the bigger payment apps.
In a July 23 letter reviewed by Reuters, the companies told the National Payments Corporation of India (NPCI), which oversees the UPI network, that the proposal could "adversely impact" competition.
The signatories include Paytm, Meta-backed CRED, Flipkart's Super.money, among others.
NPCI and the companies did not immediately reply to Reuters' requests for comments.
UPI processed over 227 billion transactions worth more than 28 trillion rupees ($289.94 billion) in June, according to NPCI data, making it one of the world's most widely used fast payment networks.
Walmart-backed PhonePe and Alphabet's Google Pay together account for roughly four-fifths of these transactions.
The proposed framework, referred to as UPI Meta or UPI Checkout, would let users save a preferred payment handle or linked bank account with merchants, eliminating the need to select a payments app each time they make a purchase.
Instead, customers would proceed directly to authentication using a PIN or biometric verification, similar to how saved card details can be used for faster checkouts.
"The proposed framework is expected to materially increase persistence of customer preference towards the (third party apps) selected during the initial setup process," the companies said in the letter.
The firms said that once a customer saves a UPI ID for payment, it is unlikely to change, making it tougher for smaller apps to compete.
The concentration of UPI payments through a few platforms has been a concern for the payments authority.
NPCI introduced a plan in 2020 to limit the market share of any single UPI app to 30%, but has repeatedly delayed implementation. The current compliance deadline is December 2026.
($1 = 96.5725 Indian rupees)
(Reporting by Ashwin Manikandan; Editing by Eileen Soreng)
(([email protected];))
By Ashwin Manikandan
MUMBAI, July 23 (Reuters) - Several Indian digital payments firms have opposed a proposal that would allow merchants to store customers' preferred Unified Payments Interface option for one-click checkouts, arguing it could entrench the dominance of the bigger payment apps.
In a July 23 letter reviewed by Reuters, the companies told the National Payments Corporation of India (NPCI), which oversees the UPI network, that the proposal could "adversely impact" competition.
The signatories include Paytm, Meta-backed CRED, Flipkart's Super.money, among others.
NPCI and the companies did not immediately reply to Reuters' requests for comments.
UPI processed over 227 billion transactions worth more than 28 trillion rupees ($289.94 billion) in June, according to NPCI data, making it one of the world's most widely used fast payment networks.
Walmart-backed PhonePe and Alphabet's Google Pay together account for roughly four-fifths of these transactions.
The proposed framework, referred to as UPI Meta or UPI Checkout, would let users save a preferred payment handle or linked bank account with merchants, eliminating the need to select a payments app each time they make a purchase.
Instead, customers would proceed directly to authentication using a PIN or biometric verification, similar to how saved card details can be used for faster checkouts.
"The proposed framework is expected to materially increase persistence of customer preference towards the (third party apps) selected during the initial setup process," the companies said in the letter.
The firms said that once a customer saves a UPI ID for payment, it is unlikely to change, making it tougher for smaller apps to compete.
The concentration of UPI payments through a few platforms has been a concern for the payments authority.
NPCI introduced a plan in 2020 to limit the market share of any single UPI app to 30%, but has repeatedly delayed implementation. The current compliance deadline is December 2026.
($1 = 96.5725 Indian rupees)
(Reporting by Ashwin Manikandan; Editing by Eileen Soreng)
(([email protected];))
** Brokerages positive on One 97 Communications PAYT.NS growth outlook after robust Q1 profit
** Stock rises 0.12% to 1,302.10 rupees, up about 14% this month
PAYMENTS, FINANCIAL SERVICES TO DRIVE NEXT LEG OF GROWTH
** Morgan Stanley ("equal-weight", raises PT to 1,450 rupees from 1,175 rupees) expects momentum in payments and financial services to continue, but recent rally limits stock's upside
** Emkay Global ("buy", raises PT to 1,700 rupees from 1,500 rupees) says stronger operating leverage and multiple long-term growth drivers should support further earnings growth
** Dolat Capital ("buy", raises PT to 1,750 rupees from 1,600 rupees) says improving payment volumes, consumer monetisation and management's 15%-20% EBITDA margin target strengthen medium-term growth visibility
** Macquarie ("neutral", PT 1,235 rupees) expects revenue growth and margin expansion to continue, but believes the improving outlook is already reflected in the stock
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Brokerages positive on One 97 Communications PAYT.NS growth outlook after robust Q1 profit
** Stock rises 0.12% to 1,302.10 rupees, up about 14% this month
PAYMENTS, FINANCIAL SERVICES TO DRIVE NEXT LEG OF GROWTH
** Morgan Stanley ("equal-weight", raises PT to 1,450 rupees from 1,175 rupees) expects momentum in payments and financial services to continue, but recent rally limits stock's upside
** Emkay Global ("buy", raises PT to 1,700 rupees from 1,500 rupees) says stronger operating leverage and multiple long-term growth drivers should support further earnings growth
** Dolat Capital ("buy", raises PT to 1,750 rupees from 1,600 rupees) says improving payment volumes, consumer monetisation and management's 15%-20% EBITDA margin target strengthen medium-term growth visibility
** Macquarie ("neutral", PT 1,235 rupees) expects revenue growth and margin expansion to continue, but believes the improving outlook is already reflected in the stock
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of One 97 Communications PAYT.NS up about 0.6% at 1,355 rupees
** Paytm parent reports 79% jump in quarterly net profit to 2.2 bln rupees ($22.81 mln)
** Q1 revenue from operations rises to 24.48 bln rupees compared with 19.18 billion rupees in the year-ago period
** Citi says Paytm is seeing growth acceleration, led by both merchant and consumer franchises; maintains "Buy", raises TP to 1,560 rupees vs 1,425 rupees earlier
** Within payments, growth driven by market share gains in both offline and online payments, with latter a function of ability to onboard new merchants starting late last year - Goldman Sachs
** GS maintains "Buy", raises TP to 1,500 rupees from 1,430 rupees
** 13 out of 19 analysts rate the stock "Buy" or higher, median PT of 1,417.50 rupees - LSEG-compiled data
** YTD, stock up 3.74%
($1 = 96.4400 Indian rupees)
(Reporting by Saikeerthi in Bengaluru)
(([email protected]; (+91) 8296756080))
** Shares of One 97 Communications PAYT.NS up about 0.6% at 1,355 rupees
** Paytm parent reports 79% jump in quarterly net profit to 2.2 bln rupees ($22.81 mln)
** Q1 revenue from operations rises to 24.48 bln rupees compared with 19.18 billion rupees in the year-ago period
** Citi says Paytm is seeing growth acceleration, led by both merchant and consumer franchises; maintains "Buy", raises TP to 1,560 rupees vs 1,425 rupees earlier
** Within payments, growth driven by market share gains in both offline and online payments, with latter a function of ability to onboard new merchants starting late last year - Goldman Sachs
** GS maintains "Buy", raises TP to 1,500 rupees from 1,430 rupees
** 13 out of 19 analysts rate the stock "Buy" or higher, median PT of 1,417.50 rupees - LSEG-compiled data
** YTD, stock up 3.74%
($1 = 96.4400 Indian rupees)
(Reporting by Saikeerthi in Bengaluru)
(([email protected]; (+91) 8296756080))
BENGALURU, July 20 (Reuters) - Diary of India economic, corporate events on July 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
RIC | Local Start Date | Local Time | Indicator Name | Period | Reuters Poll | Prior |
ININFR=ECI | 20 Jul 2026 | 17:00 | Infrastructure Output YY | Jun | 0.50% |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jul-2026 | NTS | ULTC.NS | UltraTech Cement Ltd | Q1 2027 UltraTech Cement Ltd Earnings Release |
20-Jul-2026 | NTS | JAPR.NS | Jaiprakash Power Ventures Ltd | Q1 2027 Jaiprakash Power Ventures Ltd Earnings Release |
20-Jul-2026 | NTS | IOBK.NS | Indian Overseas Bank | Q1 2027 Indian Overseas Bank Earnings Release |
20-Jul-2026 | NTS | PAYT.NS | One 97 Communications Ltd | Q1 2027 One 97 Communications Ltd Earnings Release |
20-Jul-2026 | NTS | TRNF.NS | Transformers and Rectifiers (India) Ltd | Q1 2027 Transformers and Rectifiers (India) Ltd Earnings Release |
20-Jul-2026 | NTS | ACEL.NS | Action Construction Equipment Ltd | Q1 2027 Action Construction Equipment Ltd Earnings Release |
20-Jul-2026 | NTS | AUTH.NS | Authum Investment & Infrastructure Ltd | Q1 2027 Authum Investment & Infrastructure Ltd Earnings Release |
20-Jul-2026 | NTS | SOBH.NS | Sobha Ltd | Q1 2027 Sobha Ltd Earnings Release |
20-Jul-2026 | 13:21 | SHYE.NS | Shyam Metalics and Energy Ltd | Q1 2027 Shyam Metalics and Energy Ltd Earnings Release |
20-Jul-2026 | 11:30 | USBL.NS | Usha Martin Ltd | Usha Martin Ltd Annual Shareholders Meeting |
NTS - 'No time scheduled'
(Compiled by Bengaluru Newsroom)
BENGALURU, July 20 (Reuters) - Diary of India economic, corporate events on July 20
ECONOMIC, CORPORATE .BSE500 EVENTS:
RIC | Local Start Date | Local Time | Indicator Name | Period | Reuters Poll | Prior |
ININFR=ECI | 20 Jul 2026 | 17:00 | Infrastructure Output YY | Jun | 0.50% |
Start Date | Start Time | RIC | Company Name | Event Name |
20-Jul-2026 | NTS | ULTC.NS | UltraTech Cement Ltd | Q1 2027 UltraTech Cement Ltd Earnings Release |
20-Jul-2026 | NTS | JAPR.NS | Jaiprakash Power Ventures Ltd | Q1 2027 Jaiprakash Power Ventures Ltd Earnings Release |
20-Jul-2026 | NTS | IOBK.NS | Indian Overseas Bank | Q1 2027 Indian Overseas Bank Earnings Release |
20-Jul-2026 | NTS | PAYT.NS | One 97 Communications Ltd | Q1 2027 One 97 Communications Ltd Earnings Release |
20-Jul-2026 | NTS | TRNF.NS | Transformers and Rectifiers (India) Ltd | Q1 2027 Transformers and Rectifiers (India) Ltd Earnings Release |
20-Jul-2026 | NTS | ACEL.NS | Action Construction Equipment Ltd | Q1 2027 Action Construction Equipment Ltd Earnings Release |
20-Jul-2026 | NTS | AUTH.NS | Authum Investment & Infrastructure Ltd | Q1 2027 Authum Investment & Infrastructure Ltd Earnings Release |
20-Jul-2026 | NTS | SOBH.NS | Sobha Ltd | Q1 2027 Sobha Ltd Earnings Release |
20-Jul-2026 | 13:21 | SHYE.NS | Shyam Metalics and Energy Ltd | Q1 2027 Shyam Metalics and Energy Ltd Earnings Release |
20-Jul-2026 | 11:30 | USBL.NS | Usha Martin Ltd | Usha Martin Ltd Annual Shareholders Meeting |
NTS - 'No time scheduled'
(Compiled by Bengaluru Newsroom)
July 9 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM ENTERS PARTNERSHIP WITH FLIP AND PT DUTA TEKNOLOGI KREATIF IN INDONESIA
PAYTM - PAYTM TO PROVIDE DEVICE HARDWARE, TECHNOLOGY AND MAKE MINORITY INVESTMENT IN DTK
Source text: ID:nBSE9DdCHP
Further company coverage: PAYT.NS
(([email protected];;))
July 9 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM ENTERS PARTNERSHIP WITH FLIP AND PT DUTA TEKNOLOGI KREATIF IN INDONESIA
PAYTM - PAYTM TO PROVIDE DEVICE HARDWARE, TECHNOLOGY AND MAKE MINORITY INVESTMENT IN DTK
Source text: ID:nBSE9DdCHP
Further company coverage: PAYT.NS
(([email protected];;))
July 3 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - UNIT PAYTM EUROPE GRANTED PAYMENT INSTITUTION LICENCE EFFECTIVE JULY 02, 2026
Source text: ID:nBSEbzfthW
Further company coverage: PAYT.NS
(([email protected];))
July 3 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - UNIT PAYTM EUROPE GRANTED PAYMENT INSTITUTION LICENCE EFFECTIVE JULY 02, 2026
Source text: ID:nBSEbzfthW
Further company coverage: PAYT.NS
(([email protected];))
Adds details throughout on Jio Platforms
MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.
Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.
Here are the five largest Indian IPOs to date:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)
(([email protected];))
Adds details throughout on Jio Platforms
MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.
Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.
Here are the five largest Indian IPOs to date:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)
(([email protected];))
Updates to add IPO filing by NSE
MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.
NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.
Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.
Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.
Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors expected to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion Indian rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India.
The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion Indian rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by Aditya Kalra, Kate Mayberry and Kevin Buckland)
(([email protected];))
Updates to add IPO filing by NSE
MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.
NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.
Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.
Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.
Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:
HYUNDAI MOTOR INDIA
Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO.
The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors expected to dilute their stakes.
LIFE INSURANCE CORPORATION OF INDIA
The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.
The shares slid nearly 8% on their debut.
PAYTM
Paytm PAYT.NS, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.
Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.
TATA CAPITAL
The Tata Group's financial services arm TATC.NS raised 155 billion Indian rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India.
The shares listed at a slight premium of 1.23%.
LG ELECTRONICS INDIA
South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion Indian rupees in October 2025.
The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.
LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.
($1 = 94.3800 Indian rupees)
(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by Aditya Kalra, Kate Mayberry and Kevin Buckland)
(([email protected];))
June 4 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - APPROVES DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES WITH EACH LENDING PARTNER
PAYTM - TO PROVIDE DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES TO MUTHOOT FINCORP, KISETSU SAISON FINANCE
Source text: ID:nBSEblL02s
Further company coverage: PAYT.NS
(([email protected];))
June 4 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - APPROVES DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES WITH EACH LENDING PARTNER
PAYTM - TO PROVIDE DEFAULT LOSS GUARANTEE OF UP TO 900 MILLION RUPEES TO MUTHOOT FINCORP, KISETSU SAISON FINANCE
Source text: ID:nBSEblL02s
Further company coverage: PAYT.NS
(([email protected];))
May 22 (Reuters) - India's Ambuja Cements, Tube Investments Of India, Colgate Palmolive Dropped From Bse 100 Index .BSE100:
INDIA'S ASHOK LEYLAND, PAYTM AND CG POWER AND INDUSTRIAL SOLUTIONS ADDED TO BSE 100 INDEX - BSE
BSE
BSE INDICES REJIG TO BE EFFECTIVE AT THE OPEN OF JUNE 22, 2026 - BSE
BSE INDICES REJIG TO BE EFFECTIVE AT THE OPEN OF JUNE 22, 2026 - BSE
Source text: [ID:]
Further company coverage: .BSE100
(([email protected];))
May 22 (Reuters) - India's Ambuja Cements, Tube Investments Of India, Colgate Palmolive Dropped From Bse 100 Index .BSE100:
INDIA'S ASHOK LEYLAND, PAYTM AND CG POWER AND INDUSTRIAL SOLUTIONS ADDED TO BSE 100 INDEX - BSE
BSE
BSE INDICES REJIG TO BE EFFECTIVE AT THE OPEN OF JUNE 22, 2026 - BSE
BSE INDICES REJIG TO BE EFFECTIVE AT THE OPEN OF JUNE 22, 2026 - BSE
Source text: [ID:]
Further company coverage: .BSE100
(([email protected];))
** Indian fintech firm Paytm's PAYT.NS shares rise 4.6% to 1,161 rupees
** Co swings to Q4 profit of 1.84 billion rupees from loss of 5.4 billion rupees a year earlier
** Co expects revenue growth in FY27 to be higher than the 22% delivered in FY26
** Expects margins to improve further in FY27
** Revenue from operations rose 18.4% to 22.64 billion rupees during the quarter
** Revenue growth was led by financial services and the revenue momentum can support earnings, Jefferies says
** Thirteen of 19 brokerages rate the stock "buy" or higher; their median PT is 1,382 rupees
** YTD, stock down 14.1%
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
** Indian fintech firm Paytm's PAYT.NS shares rise 4.6% to 1,161 rupees
** Co swings to Q4 profit of 1.84 billion rupees from loss of 5.4 billion rupees a year earlier
** Co expects revenue growth in FY27 to be higher than the 22% delivered in FY26
** Expects margins to improve further in FY27
** Revenue from operations rose 18.4% to 22.64 billion rupees during the quarter
** Revenue growth was led by financial services and the revenue momentum can support earnings, Jefferies says
** Thirteen of 19 brokerages rate the stock "buy" or higher; their median PT is 1,382 rupees
** YTD, stock down 14.1%
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
Adds details throughout
BENGALURU, May 6 (Reuters) - Indian fintech firm Paytm PAYT.NS said it expects to grow faster in fiscal 2027 than in the previous year, banking on gains in market share in merchant and consumer payments and growth in the distribution of its financial services.
The company also expects its margins to expand in the current financial year, helped by tight control on indirect expenses such as marketing and software costs.
"Revenue growth in FY 2027 expected to be higher than the 22% delivered in FY 2026 and indirect expenses will grow meaningfully slower than revenue," Paytm said in a statement.
Following the central bank-mandated curbs on its payments bank in 2024, the company has refocused on its broader payments and financial services distribution businesses, driving growth through a shift toward higher-quality merchants and more scalable, fee-based revenue streams.
The digital payments firm posted consolidated net profit of 1.84 billion rupees for the quarter ended March 31, compared with a loss of 5.4 billion rupees a year earlier.
In the year-ago quarter, its results were affected by a one-time expense on charges related to CEO Vijay Shekhar Sharma giving up his employee stock options.
Revenue from operations rose 18.4% to 22.64 billion rupees year-on-year, driven by a 21% increase in payments services and a 38% rise in financial services distribution revenue.
Contribution margin, a key profitability metric, stood at 55%, compared with 56% a year earlier.
However, profitability was impacted by the discontinuation of the Payments Infrastructure Development Fund (PIDF), a scheme by the Reserve Bank of India that subsidised deployment of payment devices.
Growth and profitability improved substantially, excluding the impact of the scheme, the company said.
Separately, the RBI last month cancelled Paytm Payments Bank's licence, citing persistent compliance lapses.
Paytm said the move has had no impact on its business or financials.
($1 = 94.6100 Indian rupees)
(Reporting by Nishit Navin and Surbhi Misra; Editing by Ronojoy Mazumdar and Shreya Biswas)
(([email protected];))
Adds details throughout
BENGALURU, May 6 (Reuters) - Indian fintech firm Paytm PAYT.NS said it expects to grow faster in fiscal 2027 than in the previous year, banking on gains in market share in merchant and consumer payments and growth in the distribution of its financial services.
The company also expects its margins to expand in the current financial year, helped by tight control on indirect expenses such as marketing and software costs.
"Revenue growth in FY 2027 expected to be higher than the 22% delivered in FY 2026 and indirect expenses will grow meaningfully slower than revenue," Paytm said in a statement.
Following the central bank-mandated curbs on its payments bank in 2024, the company has refocused on its broader payments and financial services distribution businesses, driving growth through a shift toward higher-quality merchants and more scalable, fee-based revenue streams.
The digital payments firm posted consolidated net profit of 1.84 billion rupees for the quarter ended March 31, compared with a loss of 5.4 billion rupees a year earlier.
In the year-ago quarter, its results were affected by a one-time expense on charges related to CEO Vijay Shekhar Sharma giving up his employee stock options.
Revenue from operations rose 18.4% to 22.64 billion rupees year-on-year, driven by a 21% increase in payments services and a 38% rise in financial services distribution revenue.
Contribution margin, a key profitability metric, stood at 55%, compared with 56% a year earlier.
However, profitability was impacted by the discontinuation of the Payments Infrastructure Development Fund (PIDF), a scheme by the Reserve Bank of India that subsidised deployment of payment devices.
Growth and profitability improved substantially, excluding the impact of the scheme, the company said.
Separately, the RBI last month cancelled Paytm Payments Bank's licence, citing persistent compliance lapses.
Paytm said the move has had no impact on its business or financials.
($1 = 94.6100 Indian rupees)
(Reporting by Nishit Navin and Surbhi Misra; Editing by Ronojoy Mazumdar and Shreya Biswas)
(([email protected];))
** Goldman Sachs says RBI's cancellation of Paytm Payments Bank's licence unlikely to have financial or operational impact on One 97 Communications PAYT.NS
** RBI cancelled licence on Friday, citing concerns that management's conduct prejudicial to depositors, public interest
** PAYT falls as much as 8.27%; last down 2.06% at 1123.75 rupees
** Brokerage says investor focus will now shift to whether regulatory action affects Paytm's ability to acquire customers and expand its lending business
** Maintains "buy"; cuts PT to 1,400 rupees from 1,470 rupees, citing lower near-term growth assumptions in co's lending business and more conservative regulatory outlook
** YTD, PAYT down 11.67%
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Goldman Sachs says RBI's cancellation of Paytm Payments Bank's licence unlikely to have financial or operational impact on One 97 Communications PAYT.NS
** RBI cancelled licence on Friday, citing concerns that management's conduct prejudicial to depositors, public interest
** PAYT falls as much as 8.27%; last down 2.06% at 1123.75 rupees
** Brokerage says investor focus will now shift to whether regulatory action affects Paytm's ability to acquire customers and expand its lending business
** Maintains "buy"; cuts PT to 1,400 rupees from 1,470 rupees, citing lower near-term growth assumptions in co's lending business and more conservative regulatory outlook
** YTD, PAYT down 11.67%
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Adds company's statement in paragraphs 9-10
By Gopika Gopakumar
April 24 (Reuters) - India's central bank said on Friday it has cancelled the banking licence issued to Paytm Payments Bank Limited, more than two years after the regulator imposed business curbs over violations, including lapses in customer due diligence.
Backed by One 97 Communications PAYT.NS, which once counted China's Ant Group and Japan's SoftBank as investors, Paytm had obtained a limited banking license in August 2015 that allowed it to take small deposits but not give out loans.
In January 2024, the Reserve Bank of India ordered the bank to stop accepting fresh deposits due to what it said at the time was non-compliance with rules, including around customer due diligence, use of funds and technology infrastructure.
While the bank remained operational, its activities were severely limited to processing withdrawals of existing deposits and facilitating loan referrals through banking correspondents, according to its website.
After the cancellation, One 97 will no longer be able to hold any deposit-taking businesses. The firm currently holds 51% of the total shareholding in Paytm Payments Bank, with the remaining held by founder Vijay Shekhar Sharma.
The RBI said on Friday it would make an application for winding up of the bank before the high court.
"The affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors," the RBI said in its statement. "The general character of the management of the bank is prejudicial to the interest of depositors as also the public interest."
"No useful purpose or public interest would be served by allowing the bank to continue," it said.
Paytm clarified that the cancellation of the bank's licence will not have any financial impact on the company.
"The company does not have any exposure to PPBL or any material business arrangements with PPBL. No services provided by the company are in partnership with PPBL. Additionally, PPBL operates independently, with no board or management involvement from the company," Paytm said in a notice to the exchanges on Friday.
"CANCELLATION BETTER THAN MERGER"
In February, officials at the central bank held an internal meeting to discuss the possibility of cancelling the bank's licence, said two sources with direct knowledge of the matter.
Airtel Payments Bank, backed by India's second-largest telecommunications firm Bharti Airtel BRTI.NS, had also informally expressed interest in taking over Paytm Payments Bank last year, but the talks did not progress, they said.
The sources requested anonymity as they were not authorised to speak to the media.
The RBI and Airtel Payments Bank did not immediately respond to Reuters' requests for comment.
The central bank believed cancelling the bank's licence was a better option than merging it with another entity, one of the sources said.
FINANCIAL IMPACT
The licence cancellation — the first such action taken by the regulator against a specialised lender — puts the spotlight on the dwindling significance of payment banks in the banking system.
Indian regulators conceptualised payment banks in 2014 to facilitate small deposits and cash transfers, but the banks lost their relevance after real-time digital transfers via the now commonly used Unified Payment Interface soared.
While business dwindled, compliance costs rose as the regulator feared small deposit accounts could be misused and asked these banks to tighten monitoring.
As of March 2025, Paytm Payments Bank held total deposits of 13.95 billion rupees ($149.58 million) across wallet, current, and savings accounts. It reported a net loss of 946.4 million rupees, according to its fiscal 2025 annual report.
Its capital adequacy ratio currently stands between 135% and 152%, well above the regulatory requirement of 15%.
One 97 had hoped the central bank would lift restrictions to resume its most profitable wallet business, which it had transferred to the payments bank unit as part of RBI restrictions.
"...As a promise, we will bring the wallet business back home," Sharma had said in the third-quarter earnings call on January 30.
(Reporting by Gopika Gopakumar and Chandini Monnappa in Bengaluru; Editing by Shilpi Majumdar and Janane Venkatraman)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Adds company's statement in paragraphs 9-10
By Gopika Gopakumar
April 24 (Reuters) - India's central bank said on Friday it has cancelled the banking licence issued to Paytm Payments Bank Limited, more than two years after the regulator imposed business curbs over violations, including lapses in customer due diligence.
Backed by One 97 Communications PAYT.NS, which once counted China's Ant Group and Japan's SoftBank as investors, Paytm had obtained a limited banking license in August 2015 that allowed it to take small deposits but not give out loans.
In January 2024, the Reserve Bank of India ordered the bank to stop accepting fresh deposits due to what it said at the time was non-compliance with rules, including around customer due diligence, use of funds and technology infrastructure.
While the bank remained operational, its activities were severely limited to processing withdrawals of existing deposits and facilitating loan referrals through banking correspondents, according to its website.
After the cancellation, One 97 will no longer be able to hold any deposit-taking businesses. The firm currently holds 51% of the total shareholding in Paytm Payments Bank, with the remaining held by founder Vijay Shekhar Sharma.
The RBI said on Friday it would make an application for winding up of the bank before the high court.
"The affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors," the RBI said in its statement. "The general character of the management of the bank is prejudicial to the interest of depositors as also the public interest."
"No useful purpose or public interest would be served by allowing the bank to continue," it said.
Paytm clarified that the cancellation of the bank's licence will not have any financial impact on the company.
"The company does not have any exposure to PPBL or any material business arrangements with PPBL. No services provided by the company are in partnership with PPBL. Additionally, PPBL operates independently, with no board or management involvement from the company," Paytm said in a notice to the exchanges on Friday.
"CANCELLATION BETTER THAN MERGER"
In February, officials at the central bank held an internal meeting to discuss the possibility of cancelling the bank's licence, said two sources with direct knowledge of the matter.
Airtel Payments Bank, backed by India's second-largest telecommunications firm Bharti Airtel BRTI.NS, had also informally expressed interest in taking over Paytm Payments Bank last year, but the talks did not progress, they said.
The sources requested anonymity as they were not authorised to speak to the media.
The RBI and Airtel Payments Bank did not immediately respond to Reuters' requests for comment.
The central bank believed cancelling the bank's licence was a better option than merging it with another entity, one of the sources said.
FINANCIAL IMPACT
The licence cancellation — the first such action taken by the regulator against a specialised lender — puts the spotlight on the dwindling significance of payment banks in the banking system.
Indian regulators conceptualised payment banks in 2014 to facilitate small deposits and cash transfers, but the banks lost their relevance after real-time digital transfers via the now commonly used Unified Payment Interface soared.
While business dwindled, compliance costs rose as the regulator feared small deposit accounts could be misused and asked these banks to tighten monitoring.
As of March 2025, Paytm Payments Bank held total deposits of 13.95 billion rupees ($149.58 million) across wallet, current, and savings accounts. It reported a net loss of 946.4 million rupees, according to its fiscal 2025 annual report.
Its capital adequacy ratio currently stands between 135% and 152%, well above the regulatory requirement of 15%.
One 97 had hoped the central bank would lift restrictions to resume its most profitable wallet business, which it had transferred to the payments bank unit as part of RBI restrictions.
"...As a promise, we will bring the wallet business back home," Sharma had said in the third-quarter earnings call on January 30.
(Reporting by Gopika Gopakumar and Chandini Monnappa in Bengaluru; Editing by Shilpi Majumdar and Janane Venkatraman)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
April 15 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM BECOMES INDIAN OWNED AND CONTROLLED COMPANY
Source text: ID:nBSEbQBSJ4
Further company coverage: PAYT.NS
(([email protected];))
April 15 (Reuters) - One 97 Communications Ltd PAYT.NS:
PAYTM - PAYTM BECOMES INDIAN OWNED AND CONTROLLED COMPANY
Source text: ID:nBSEbQBSJ4
Further company coverage: PAYT.NS
(([email protected];))
More Mid Cap Ideas
See similar 'Mid' cap companies with recent activity
Promoter Buying
Companies where the promoters are bullish
Capex
Companies investing on expansion
Superstar Investor
Companies where well known investors have invested
Popular questions
- Business
- Financials
- Share Price
- Shareholdings
What does One97 Communications do?
One 97 Communications (Paytm) is in the business of providing a) payment and financial services which primarily includes payment facilitator services, facilitation of consumer and merchant lending to consumers and merchants, wealth management etc. b) marketing services which primarily consists of aggregator for digital products, ticketing business, providing voice and messaging platforms to the telecom operators and enterprise customers and other businesses, etc.
Who are the competitors of One97 Communications?
One97 Communications major competitors are PB Fintech, One Mobikwik Systems, AvenuesAI, Algoquant Fintech. Market Cap of One97 Communications is ₹1,06,815 Crs. While the median market cap of its peers are ₹3,635 Crs.
Is One97 Communications financially stable compared to its competitors?
One97 Communications seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does One97 Communications pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. One97 Communications latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has One97 Communications allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments
How strong is One97 Communications balance sheet?
Balance sheet of One97 Communications is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of One97 Communications improving?
Yes, profit is increasing. The profit of One97 Communications is ₹651 Crs for TTM, ₹553 Crs for Mar 2026 and -₹659 Crs for Mar 2025.
Is the debt of One97 Communications increasing or decreasing?
The net debt of One97 Communications is decreasing. Latest net debt of One97 Communications is -₹26,050 Crs as of Mar-26. This is less than Mar-25 when it was -₹23,109 Crs.
Is One97 Communications stock expensive?
Yes, One97 Communications is expensive. Latest PE of One97 Communications is 164, while 3 year average PE is 37.85. Also latest EV/EBITDA of One97 Communications is 148 while 3yr average is 24.47.
Has the share price of One97 Communications grown faster than its competition?
One97 Communications has given better returns compared to its competitors. One97 Communications has grown at ~47.19% over the last 1yrs while peers have grown at a median rate of -3.0%
Is the promoter bullish about One97 Communications?
There is Insufficient data to gauge this.
Are mutual funds buying/selling One97 Communications?
The mutual fund holding of One97 Communications is increasing. The current mutual fund holding in One97 Communications is 17.94% while previous quarter holding is 16.6%.