RBI Issues Guidance to NPCI on Paytm Payments Bank, Implements ‘Additional Steps’

The Reserve Bank of India (RBI) has directed the National Payments Corporation of India (NPCI) to consider Paytm's request to operate as a Third-Party Application Provider (TPAP) for UPI transactions. This move aims to ensure uninterrupted UPI services for Paytm users. If granted TPAP status, Paytm will migrate its '@paytm' handles seamlessly to new banks to avoid disruptions, with no addition of new users until existing ones are successfully migrated. Additionally, NPCI is advised to certify 4-5 banks as payment service providers (PSP) to facilitate the migration process and minimize concentration risk. Paytm: Merchant Community Across India Continue To Use Its Services and Pioneering Devices.

RBI Issues Guidance to NPCI 

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