Paytm shares gain on RBI announcement on UPI-lite transactions

The Reserve Bank of India on August 10 announced that it will increase the limit for UPI-Lite to Rs 500. The minimum limit earlier was Rs 200

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Paytm shares were up 2.48 percent at Rs 858.6 at 12.50 pm after the Reserve Bank of India proposed to increase the minimum limit for UPI Lite transactions.

The central bank on August 10 announced that it will increase the limit for UPI-Lite to Rs 500. The minimum limit earlier was Rs 200.

UPI-Lite was launched to facilitate lower-value transactions like the ones for payment of groceries, milk, eggs, etc. The feature was launched so that UPI can handle such continuous transactions and make the process smoother.

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Vijay Shekhar Sharma, Founder and CEO of One 97 Communications will own a 10.38 percent stake in Paytm via his overseas entity, said the company in an exchange filing dated August 7.  Vijay Shekar Sharma will take Antfin’s stake in Paytm.

After this transaction, there would be no change in the management or control of Paytm, since  Sharma would continue as Managing Director and CEO, and the existing Board would continue as is. Paytm remains a professionally managed company with no identifiable promoter.

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