<?xml version="1.0" encoding="UTF-8"?>
<!--REG30PARAB V1.0 (01-06-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Para_B_Of_Part_A_Of_Schedule_III/2026-04-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2026-04-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">543396</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-13</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">PAYTM</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">One 97 Communications Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">543396</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE982J01020</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Change in regulatory framework (Sub-para 7-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-10-13</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">13:00:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">Note: &lt;br /&gt; 
 &lt;br /&gt; 
In 'General Info Sheet', Under column E of Row 19, “New” has been selected under the field “Type of Announcement” solely for validation purposes as there are only two options under dropdown, i.e. New and Revision. The present intimation is an update to our earlier intimation dated September 15, 2026.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-10-13</in-capmkt:DateOfReport><in-capmkt:NameOfTheRegulatoryAuthority contextRef="MainI">	National Payments Corporation of India</in-capmkt:NameOfTheRegulatoryAuthority><in-capmkt:BriefDetailsOfChangeInLawsOrRegulationsOrPoliciesByRegulatoryAuthority contextRef="MainI">Introduction of MDR on UPI P2M transactions above INR 2,000</in-capmkt:BriefDetailsOfChangeInLawsOrRegulationsOrPoliciesByRegulatoryAuthority><in-capmkt:ImpactOfChangeInRegulatoryFrameworkOnEntity contextRef="MainI">This will generate additional revenue from the merchant business for many of the payment transactions that were free earlier.</in-capmkt:ImpactOfChangeInRegulatoryFrameworkOnEntity><in-capmkt:EffectiveDateOfRegulatoryChange contextRef="MainI">2026-10-13</in-capmkt:EffectiveDateOfRegulatoryChange><in-capmkt:RemarksForWebsiteDisseminationForEffectsArisingOutOfChangeInRegulatoryFrameworkApplicableToTheListedEntityAsPerSubPara7OfParaB contextRef="MainI">Notes: &lt;br /&gt; 
 &lt;br /&gt; 
1. In furtherance to our disclosure dated September 15, 2026, and pursuant to Regulation 30 of the SEBI Listing Regulations &lt;br /&gt; 
regarding the National Payments Corporation of India (“NPCI”) circular no. NPCI/UPI/OC-No.237/2026-27 dated &lt;br /&gt; 
September 15, 2026 on the levy of Merchant Discount Rate (MDR) on select Person-to-Merchant (P2M) UPI transactions, &lt;br /&gt; 
we wish to inform you that NPCI, through its press release dated October 13, 2026, has decided that, keeping in mind &lt;br /&gt; 
the festive season, MDR on select P2M UPI transactions will be implemented after Diwali, on a date to be notified &lt;br /&gt; 
separately. &lt;br /&gt; 
 &lt;br /&gt; 
2. In 'Effect(s) arising out of Change' Sheet, Under column E of Row 11, “13-10-2026” has been written under the field “Effective date of change” solely for validation purposes as effective date is yet to be notified by NPCI.</in-capmkt:RemarksForWebsiteDisseminationForEffectsArisingOutOfChangeInRegulatoryFrameworkApplicableToTheListedEntityAsPerSubPara7OfParaB></xbrli:xbrl>