The stock of One97 Communication advanced 5% to hit the upper band of Rs 370.70 a day after the company got the approval from NPCI to act as a third-party UPI app under the multi-bank model, just like its rivals PhonePe and Google Pay. Earlier, the company’s operations were supported by Paytm Payments Bank, which will shut its operations on March 15 to comply with RBI’s actions.

The company will be able to provide its services to customers through this new model. It has tied up with four other banks, which will become Payment System Provider. Axis Bank, HDFC Bank, Yes Bank, and State Bank have partnered with One97 Communication.

Also, Yes Bank will work as a merchant banker for Paytm’s existing customers as well as for new ones. Now, the UPI handle @Paytm will get redirected to Yes bank.

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The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained just 4.75 points or 0.02% to settle at 24,143.75, while the BSE Sensex jumped 149.86 points or 0.19% to 79,105.89.

The broader indices ended in mixed territory, with gain led by Large-cap stocks. IT and Auto stocks outperformed among the other sectoral indices while Metal and Media stocks shed.
Sectoral Index

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