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    Asad Shaikh in News

    23 Feb 01:00 PM


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    RBI directs NPCI to examine Paytm's request for being third-party app for UPI

    According to the RBI, the directive has been issued to ensure seamless digital payments by UPI customers using ‘@paytm’ handle (operated by the Paytm Payments Bank) and minimise concentration risk in the UPI system.

    The Reserve Bank of India (RBI) advised the National Payments Corporation of India (NPCI) on Friday, February 23, to examine Paytm’s request to become a third-party application provider for UPI payments.

    “National Payments Corporation of India (NPCI) has been advised by the RBI to examine the request of One97 Communication to become a third-party application provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms," the central bank said in a statement on Friday (February 23).

    According to the RBI, the directive has been issued to ensure seamless digital payments by UPI customers using ‘@paytm’ handle (operated by the Paytm Payments Bank) and minimise concentration risk in the UPI system.

    Source - mint