The Reserve Bank of India is methods to guarantee Paytm clients could make seamless digital funds utilizing the app after March 15, 2024. File
| Photo Credit: Reuters
The Reserve Bank of India (RBI) mentioned the National Payments Corporation of India (NPCI) has been requested to look at the chance of it changing into a third-party software supplier for continued UPI operations of the Paytm app. The central financial institution has barred Paytm Payments Bank from accepting additional credit into its buyer accounts and wallets after March 15, 2024.
In a bid to guarantee seamless digital funds by UPI clients utilizing ‘@paytm’ deal with operated by the Paytm Payments Bank, the RBI mentioned it has requested NPCI to look at the request to develop into a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app.
The request has been made by One97 Communication Ltd (OCL), which owns the Paytm model, the RBI mentioned in an announcement.
For seamless migration of ‘@paytm’ deal with to different banks, the RBI mentioned NPCI could facilitate certification of four-five banks as Payment Service Provider (PSP) Banks with demonstrated capabilities to course of excessive quantity UPI transactions.
