- By Aditya Pratap Singh
- Fri, 23 Feb 2024 06:04 PM (IST)
- Source:PTI
Paytm: The Reserve Bank of India on Friday asked NPCI to explore the possibility of becoming a third-party application provider to continue the UPI functions of the Paytm app.
The central bank barred Paytm Payments Bank from receiving additional credits in its customer accounts and wallets after March 15, 2024. Initially, the deadline was February 29, but later it was extended to March 15.
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The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to consider a request to become a third-party application provider to ensure seamless digital payments by UPI customers using the '@paytm' handle operated by Paytm Payments Bank.
The request has been made by One97 Communication Limited (OCL), the owner of the Paytm brand, RBI said in a statement.
The Reserve Bank of India (RBI) has said that NPCI may certify 4-5 banks with proven capabilities to process high volumes of UPI transactions as Payment Service Provider (PSP) banks for seamless migration of the '@paytm' handle to other banks.
