NPCI to examine Paytm's third-party app request for UPI: RBI
The Reserve Bank of India on Friday said it has advised National Payments Corporation of India to examine One97 Communication Limited's request seeking approval for the Third-Party Application Provider route for continuation of Paytm's Unified Payments Interface services. Paytm Payments Bank cannot onboard new customers after March 15 One97 Communication Limited is the parent firm of fintech major Paytm. On January 31, RBI issued a set of directions against Paytm Payments Bank, Paytm's banking arm, citing ‘persistent non-compliances.’ These include a ban on adding new customers after February 29, a deadline which was later extended to March 15. ‘It has been further advised…’ If NPCI grants TPAP status, then, to avoid disruptions, ‘@paytm’ handles must be migrated from Paytm Payments Bank to a set of newly identified banks in a ‘seamless’ manner, RBI said.
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