Mumbai, Feb. 16 -- One97 Communications, the parent company of Paytm, has transferred its nodal account from Paytm Payments Bank to Axis Bank.

This change ensures the uninterrupted functioning of Paytm QR, Soundbox, and card machines beyond the March 15 deadline set by the Reserve Bank of India (RBI).

The RBI has instructed customers and merchants associated with Paytm Payments Bank Ltd (PPBL) to migrate their accounts to alternative banks by March 15.

This extension grants an additional 15 days for the struggling entity to wind down the majority of its operations, including deposit and credit transactions.

The company has also shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settleme...