RBI’s Measure Over Paytm Request “For Continued UPI Operation”

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RBI


RBI's Measure Over Paytm Request 'For Continued UPI Operation'

A set of newly recognized banks might want to again the Paytm app.

The Reserve Financial institution of India mentioned on Friday it has requested the Nationwide Funds Company of India to look at a request from Paytm, formally often called One 97 Communications, to turn into a 3rd get together utility supplier (TPAP).

If accredited, this is able to enable Paytm to proceed processing funds through India’s fashionable unified funds interface.

On Jan. 31, the central financial institution requested Paytm Funds Financial institution, an affiliate of Paytm, to wind down its enterprise by March 15, resulting in disruption for the favored cost app, which used the banking unit on the again finish.

A set of newly recognized banks might want to again the Paytm app. To make sure a seamless migration, the central financial institution has urged the cost authority to deal with it.

“No new customers are to be added by the mentioned TPAP till all the present customers are migrated satisfactorily to a brand new deal with,” the RBI mentioned.

(Apart from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)



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