Paytm nodal account: Axis Bank to get “fee and float” boost

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 Paytm ready for all options for banks’ survival, including acquisition : One 97 Communications is resigned to losing its associate, Paytm Payments Bank, the entity at the centre of the crisis surrounding the fintech. However, it feels that if there is even a slight chance of its survival through an acquisition, then it is ready to take it. Sources said that the outlook for the bank looked bleak at the present, but there is still hope to eventually convince the regulator through ‘good behaviour’ to ease some restrictions. If the bank is given a chance to survive through acquisition, if there is a way for it to thrive, Paytm is willing for that to happen. Having worked hard to establish and create a thriving ecosystem, it wants the bank to continue to exist, even if it changes hands. - Business Line.



🍒           Paytm nodal account: Axis Bank to get “fee and float” boost : Axis Bank’s income will get a “fee and float” boost as One 97 Communications Limited (OCL), which owns the Paytm brand, has decided to move its nodal account to the bank. The private sector bank will earn a fee from OCL due to merchant settlements happening through the nodal account. Further, the float (funds) available in this account can be deployed by the bank for a day or two in the money markets to earn income. Following the Reserve Bank of India’s severe strictures against Paytm Payment Bank Ltd. (PPBL), OCL has decided to move its nodal account to Axis Bank. - Business Line

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