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NEW DELHI: One97 Communications shares, which operates under the brand name Paytm, hit 5 per cent upper circuit on Monday after the Reserve Bank of India (RBI) issued a directive to the National Payments Corporation of India (NPCI) to review third-party app provider request for unified payments interface (UPI) payments following its decision that Paytm Payments Bank will halt accepting further credits into customer accounts and wallets after March 15, 2024.
“NPCI has been advised by the RBI to examine the request of One97 Communication (OCL) to become a third-party application provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms,” RBI said in its statement.
In order to mitigate concentration risk, RBI has directed NPCI to certify 4-5 banks as Payment Service Provider (PSP) banks capable of handling high-volume UPI transactions.
Merchants using Paytm QR codes may see settlement accounts opened with PSP banks other than Paytm Payments Bank, should OCL pursue this course.
(With input from agencies)
“NPCI has been advised by the RBI to examine the request of One97 Communication (OCL) to become a third-party application provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms,” RBI said in its statement.
In order to mitigate concentration risk, RBI has directed NPCI to certify 4-5 banks as Payment Service Provider (PSP) banks capable of handling high-volume UPI transactions.
Merchants using Paytm QR codes may see settlement accounts opened with PSP banks other than Paytm Payments Bank, should OCL pursue this course.
(With input from agencies)
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