One97 Communications Limited, Paytm's parent company, began migrating customers to partner payment service provider banks Axis Bank, HDFC Bank, SBI and Yes Bank. Until now, Paytm UPI customers were using Paytm Payments Bank Limited which was barred by the Reserve Bank of India from conducting several business operations. Paytm roped in Axis Bank, Yes Bank, SBI and HDFC Bank as …
Mumbai: The National Payments Corporation of India has granted approval to One97 Communications Limited the parent of Paytm to participate in UPI as a Third-Party Application Provider under the multi-bank model. YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL. OCL has been advised to complete migration for all existing handles …
In January 2024, the Reserve Bank of India imposed restrictions on Paytm Payments Bank due to “persistent non-compliance” with regulations. Third-Party App Provider RBI has asked the NPCI to examine the possibility of migrating Paytm Payments Bank customers using the UPI handle ‘@paytm’ to 4-5 other banks, in a bid to prevent any disruptions in the payment ecosystem. As the …
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 …
