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Paytm App: RBI asks NPCI to examine to continue Paytm’s operations

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

Prabhav Anand 23 February 2024 11:22

Last month, the Reserve Bank of India imposed curbs on the operations of Paytm Payments Bank Ltd (PPBL)

Mumbai (PTI): The 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.

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.

Also Read: RBI Governor: No Reconsideration on Paytm Payments Bank Action

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.