Paytm shifts back-end payment settlements to Axis Bank from Paytm Payments Bank

One 97 Communications (OCL), which runs Paytm, has shifted its nodal accounts or escrow accounts to private-sector lender Axis Bank, the company said in a filing to the BSE.

This will ensure that merchants who accept digital payments through Paytm will be able to continue doing so. The Reserve Bank of India had asked Paytm to close all its nodal accounts with Paytm Payments Bank latest by February 29.