There is relief news for Paytm which has been in trouble for the last few days. Actually, Reserve Bank of India has asked NPCI to take some necessary steps to continue the UPI service of Paytm. The Reserve Bank on Friday said that it has directed NPCI to provide a third party application provider to continue the UPI operations of the Paytm app. Let us tell you that the Reserve Bank, taking action on Paytm Payments Bank, has banned any kind of transaction after March 15, 2024.
RBI asks NPCI for third party payment service provider
According to reports, the Reserve Bank of India has asked NPCI to identify 4-5 payment service provider banks that can easily handle high volume transactions. Apart from this, RBI has also asked NPCI to review Paytm’s appeal to become a third party payment app. The Reserve Bank has given these instructions at the behest of Paytm’s parent company One97 Communication Limited.
Customers with @paytm handle will migrate to new banks
Apart from this, the Reserve Bank has also asked NPCI to migrate customers with @paytm handle to new banks. Until this entire process is completed, the ban on adding new customers on Paytm will continue. RBI says if Paytm gets Third Party Application Provider (TPAP) status then @paytm handle customers should be migrated without any hassle.
With the help of NPCI, Paytm service can continue even after March 15
Following the guidelines given by RBI to NPCI to help Paytm, Paytm’s services may continue even after March 15. After this decision, Paytm shares may see a significant rise on Monday. Let us tell you that on Friday, February 23, the company’s shares closed at Rs 407.75 with a rise of 5%.
