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regular-article-logo Sunday, 14 April 2024

RBI directs NPCI to explore Paytm's UPI operations continuation as third party provider

The central bank has barred Paytm Payments Bank from accepting further credits into its customer accounts and wallets after March 15, 2024.

PTI Mumbai Published 23.02.24, 04:47 PM
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Reserve Bank of India on Friday said NPCI has been asked to examine the possibility of it becoming a third party application provider for continued UPI operations of the Paytm app.

The central bank has barred Paytm Payments Bank from accepting further credits into its customer accounts and wallets after March 15, 2024.

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With an aim to ensure seamless digital payments by UPI customers using '@paytm' handle operated by the Paytm Payments Bank, RBI said it has asked the National Payments Corporation of India (NPCI) to examine the request to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app.

The request has been made by One97 Communication Ltd (OCL), which owns the Paytm brand, RBI said in a statement.

For seamless migration of '@paytm' handle to other banks, the Reserve Bank of India (RBI) said NPCI may facilitate certification of 4-5 banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to process high volume UPI transactions.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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