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Paytm: National Payment Corporation of India (NPCI) has approved Paytm’s parent company One97 Communications Limited as a third-party application provider in UPI under the multi-bank model.
Permission has been given to participate as Application Provider). Four banks, Axis Bank, HDFC Bank, State Bank of India and Yes Bank, have been allowed to act as payment service providers for One97 Communications Limited.
NPCI (National Payments Corporation of India) issued a press release on March 14, 2024, saying that NPCI has given permission to Paytm’s One97 Communications Limited to participate in UPI as a third-party application provider under the multi-bank model. . NPCI said that four banks including Axis Bank, HDFC Bank, SBI and Yes Bank will act as payment service providers for One97 Communications Limited.
Yes Bank will act as a merchant bank for One97 Communications Limited for new and existing UPI merchants. @Paytm handle will be redirected to Yes Bank. Through this decision of NPCI, existing users and merchants will be able to continue doing UPI transactions and autopay seamlessly. National Payment Corporation of India has advised One97 Communications Limited to complete the migration of all existing handles and mandates to the new Payments Service Provider banks as soon as possible.
In fact, the Reserve Bank of India has banned Paytm Payments Bank from taking new deposits and providing banking services from March 15, 2024. One97 Communications holds 49 percent stake in Paytm Payments Bank. On February 17, Paytm has shifted its nodal accounts to Axis Bank so that merchant payments can continue.
