Key Points
The Reserve Bank of India (RBI) has asked National Payments Corporation of India (NPCI) to consider One97 Communication Ltd's (OCL) request to become a Third-Party Application Provider (TPAP) for the UPI channel for continued operation of the Paytm app...
"As the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to ensure seamless digital payments by UPI customers using @paytm handle operated by the Paytm Payments Bank," said RBI in a press release...
Additionally, no new users can be added by OCL until all existing users are satisfactorily migrated to a new handle.. NPCI may certify 4-5 banks as Payment Service Provider (PSP) Banks to process high volume UPI transactions, facilitating the migration of '@paytm' handles..
Others with different UPI addresses don't need to take any action.. Customers with accounts/wallets at Paytm Payments Bank are advised to make alternative arrangements with other banks before March 15, 2024, as previously advised by RBI...
"It is reiterated that the holders of FASTag and National Common Mobility Cards (NCMC) issued by Paytm Payments Bank, may make alternative arrangements before March 15, 2024 to avoid any inconvenience," said RBI...
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