The shares of One97 Communications, Paytm’s parent company, jumped over 4 per cent on Tuesday after Finance Minister Nirmala Sitharaman presented the annual Union Budget 2022 at the Parliament.
The Finance Minister reiterated the government’s focus on promoting digital payments and fintech, in general.
At 1:26 pm, Paytm was trading at ₹958.25 on the BSE, up ₹41.20 or 4.49 per cent. The bear-hit Paytm had opened at ₹925.00 as against the previous close of ₹917.05 and jumped to a high of ₹976.00 in the first half. It recorded an intraday low of ₹921.05.
On the NSE, it was trading at ₹958.00, up ₹41.15 or 4.49 per cent.
“In recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. The government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner,” the Finance Minister said in her speech.
“The financial support for digital payment ecosystem announced in the previous Budget will continue in 2022-23. This will encourage further adoption of digital payments. There will also be a focus to promote use of payment platforms that are economical and user friendly,” she added.
Further, the Finance Minister announced the proposal to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks, taking forward this agenda, and marking 75 years of India’s independence.
Paytm is set to hold its quarterly earnings call on February 5.