RBI directs NPCI to examine Paytm’s request for being third-party app for UPI

Considering that Paytm Payments Bank will not be able to accept further deposits into their customers’ accounts post 15th March, the Reserve Bank announced further steps to ensure seamless digital payments by UPI customers using ‘@paytm’ handle. In an official press release on Friday, RBI has informed that National Payments Corporation of India, NPCI has been asked to examine the request made by One97 Communication Limited to become a Third-Party Application Provider to ensure continued UPI operation of the Paytm app.

National Payments Corporation of India will have to further ensure that all ‘@paytm’ handles are migrated in a seamless manner from Paytm Payments Bank to a set of newly identified banks to avoid any disruption. For this purpose, NPCI may facilitate certification of 4-5 banks as Payment Service Provider Banks with demonstrated capabilities to process high volume UPI transactions. Additionally, for merchants using PayTM QR Codes, One97 Communication Limited will be required to open settlement accounts with one or more Payment Service Provider Banks.

RBI has clarified that no action is required by customers, having UPI address or handle other than ‘@Paytm’.

RBI has reiterated that the holders of FASTag and National Common Mobility Cards (NCMC) issued by Paytm Payments Bank, may make alternative arrangements before March 15th, 2024 to avoid any inconvenience. Similarly, customers having an underlying account or wallet with Paytm Payments Bank must make alternative arrangements with other banks well before March 15, 2024.

News is information about current events. News is provided through many different media: word of mouth, printing, postal systems, broadcasting, electronic communication, and also on the testimony of observers and witnesses to events. It is also used as a platform to manufacture opinion for the population.

Contact Info

D 601  Riddhi Sidhi CHSL
Unnant Nagar Road 2
Kamaraj Nagar, Goreagaon West
Mumbai 400062 .

Email Id: [email protected]

West Bengal

Eastern Regional Office
Indsamachar Digital Media
Siddha Gibson 1,
Gibson Lane, 1st floor, R. No. 114,
Kolkata – 700069.
West Bengal.

Office Address

251 B-Wing,First Floor,
Orchard Corporate Park, Royal Palms,
Arey Road, Goreagon East,
Mumbai – 400065.

Download Our Mobile App

IndSamachar Android App IndSamachar IOS App
To Top
WhatsApp WhatsApp us