Paytm News: The National Payments Corporation of India (NPCI) has granted approval to Paytm to become a third-party UPI app. Four banks are included in this. Now, we know whether Paytm is going to shut down.
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Paytm News
There's relief for Paytm and its parent company, One97 Communications Limited. NPCI has granted approval to Paytm to become a third-party UPI app. With this approval, Paytm can continue its UPI services as a third-party application provider under the multi-bank model.
It's worth mentioning that the operations of Paytm's banking unit, Paytm Payment Bank Limited, are set to cease from March 15th. Under this license, Paytm users can still avail themselves of UPI services.
Will Paytm Shut Down?
Paytm will not shut down. Last month, the Reserve Bank of India (RBI) issued directives regarding Paytm Payment Bank. If Paytm's UPI services are linked to Paytm Payment Bank, they will cease to operate after March 15th. Customers and merchants will need to link their Paytm UPI to another bank. Following this, Paytm's parent company, One97 Communications Limited, has partnered with four banks.
Paytm Partner Banks
Four banks have been made partners with Paytm. These include Yes Bank, Axis Bank, HDFC Bank, and State Bank of India. These banks will work to enhance payment services through Paytm's payment system as payment service providers.
| Bank | Payment Service Provider (PSP) Bank |
|---|---|
| Axis Bank | Yes |
| HDFC Bank | Yes |
| State Bank of India | Yes |
| Yes Bank | Yes |
What Did NPCI Say?
NPCI (National Payments Corporation of India) stated that "Yes Bank will also function as the acquiring bank for existing and new UPI merchants for OCL." The @Paytm handle will be redirected to Yes Bank. This will aid Paytm users and merchants in seamlessly continuing UPI transactions and auto-pays without any interruption. Additionally, NPCI has advised Paytm to complete migration to new PSP banks for all existing handles and mandates where necessary.
Paytm Share Price
Paytm's share closed at ₹350.65 on March 14th with a decrease of 0.085%. The 52-week high for Paytm is ₹998.30, while the 52-week low is ₹318.05.
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