According to the NPCI website, One97 Communications, parent company of Paytm, has got five handles in partnership with four banks to continue UPI transactions.
Paytm Payments Bank to stop its operations by March 15, as ordered by the RBI, now India’s National Payments Corporation of India (NPCI) approved a third-party app license for Paytm which will allow company users to access UPI even after March 15.
According to the NPCI website, One97 Communications, parent company of Paytm, has got five handles in partnership with four banks to continue UPI transactions.
NPCI On Paytm
NPCI has approved @paytm and UPI handle @ptyes for Paytm in partnership with Yes Bank. @pthdfc withHDFC bank and @ptsbi with State Bank of India as a partner but these two handles are not active immediately, reported Business Standard.
Apart from these handles, the company’s existing handle @paytm is also among the five handles that paytm users can continue using as of now.
Axis Bank, HDFC Bank, State Bank of India, and Yes Bank will act as partner banks to Paytm as announced by the National Payments Corporation of India (NPCI) in a statement.
Paytm has been advised to complete the migration for all existing handles and mandates, wherever required, to new payment system provider banks at the earliest, the NPCI said.
Paytm earlier used to carry out its all UPI transactions through Paytm Payments Bank (PPBL) which is barred by the Reserve Bank of India from accepting deposits, credit transactions, or top-ups in any customer accounts after March 15.
Paytm UPI payments declined in the month of February as compared to the january. It processed 1.41 billion monthly transactions of rupees 1.65 trillion in February, as compared to 1.57 billion transactions of Rs 1.93 trillion in January, according to the data on the NPCI.
RBI On Paytm Payments Bank
Though NPCI is likely to give a third-party application provider (TPAP) license to Paytm, the chances of extention on the March 15 deadline, set for Paytm Payments Bank to stop its operations by the RBI, are very less.
“No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024,” RBI said in its older release.
Paytm Founder Vijay Shekhar Sharma Resigns
Paytm’s parent company One97 Communications earlier announced that it has withdrawn its nominee from the Paytm Payments Bank Board and Vijay Shekhar Sharma has also resigned as Part-Time non-executive Chairman, Paytm stock will be in focus today.The Paytm Payments Bank has reconstituted the board, according to the reports.