<p>New Delhi: Shares of One97 Communications Ltd, which owns and operates <a href="https://www.deccanherald.com/tags/paytm">Paytm</a>, on Friday, jumped 5 per cent after the company said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.</p>.<p>The stock climbed 5 per cent to Rs 425.45 - its upper circuit limit - on the BSE after falling in the past three trading days. Shares of the company had fallen by 5.31 per cent in the last three days.</p>.<p>The stock jumped 4.99 per cent to Rs 423.45 - the upper circuit limit - on the NSE.</p>.<p>In traded volume terms, 7.97 lakh shares of the company were traded on the BSE and over 46.64 lakh shares on the NSE during the day.</p>.<p>Amid RBI's action on its associate firm, One97 Communications on Friday said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.</p>.Paytm discontinues inter-company agreements with Paytm Payments Bank.<p>The move assumes significance as Paytm Payments Bank Limited (PPBL) is under the RBI's lens over persistent non-compliance and continued material supervisory concerns.</p>.<p>In a filing on Friday, One97 Communications said the company and its associate entity, Paytm Payments Bank Limited, have introduced additional measures to strengthen their approach towards independent operations of PPBL.</p>.<p>"As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities," the BSE filing said.</p>.<p>Also, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL's governance, it added.</p>.<p>The Board of OCL (One97 Communications Ltd) approved the termination of agreements and amendment of SHA on March 1, 2024.</p>.<p>Paytm had announced earlier that it would sign up new partnerships with other banks and take measures to provide seamless services to its customers and merchants.</p>.<p>In a regulatory action in January, the RBI barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29 - a deadline that was later extended to March 15.</p>
<p>New Delhi: Shares of One97 Communications Ltd, which owns and operates <a href="https://www.deccanherald.com/tags/paytm">Paytm</a>, on Friday, jumped 5 per cent after the company said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.</p>.<p>The stock climbed 5 per cent to Rs 425.45 - its upper circuit limit - on the BSE after falling in the past three trading days. Shares of the company had fallen by 5.31 per cent in the last three days.</p>.<p>The stock jumped 4.99 per cent to Rs 423.45 - the upper circuit limit - on the NSE.</p>.<p>In traded volume terms, 7.97 lakh shares of the company were traded on the BSE and over 46.64 lakh shares on the NSE during the day.</p>.<p>Amid RBI's action on its associate firm, One97 Communications on Friday said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.</p>.Paytm discontinues inter-company agreements with Paytm Payments Bank.<p>The move assumes significance as Paytm Payments Bank Limited (PPBL) is under the RBI's lens over persistent non-compliance and continued material supervisory concerns.</p>.<p>In a filing on Friday, One97 Communications said the company and its associate entity, Paytm Payments Bank Limited, have introduced additional measures to strengthen their approach towards independent operations of PPBL.</p>.<p>"As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities," the BSE filing said.</p>.<p>Also, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL's governance, it added.</p>.<p>The Board of OCL (One97 Communications Ltd) approved the termination of agreements and amendment of SHA on March 1, 2024.</p>.<p>Paytm had announced earlier that it would sign up new partnerships with other banks and take measures to provide seamless services to its customers and merchants.</p>.<p>In a regulatory action in January, the RBI barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29 - a deadline that was later extended to March 15.</p>