RBI gave instructions on Paytm, UPI customers may get relief

Paytm Crisis: Paytm Payment Bank by Reserve Bank of India (Paytm Payment BankSome new orders related to ) have been given. The apex bank said that since Paytm cannot accept payments in its wallet after March 15, it has become necessary to take some additional steps for the convenience of the customers. For this NCPI Instructions have been given to take necessary steps. The central bank has asked the National Payments Corporation of India (NPCI) to look into the possibility of linking Paytm Payments Bank customers using Paytm handle (@Paytm) for UPI payments with four-five other banks. The purpose of this initiative is to prevent any kind of hindrance in the payment system. The Reserve Bank of India (RBI) has barred Paytm’s subsidiary Paytm Payments Bank from accepting funds in its customer accounts and wallets after March 15, 2024. According to the website of Paytm Payments Bank (PPBL), it has 30 crore wallets and 3 crore bank customers. The effect of this order of the Reserve Bank can be seen in the stock market on Monday.

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Paytm These customers will not face any problem

NPCI is a central organization for operating retail payment and settlement systems in India. It is an initiative of RBI and Indian Banks Association (IBA) to build payment and settlement infrastructure in India. RBI said in a statement that since PPBL cannot accept funds in its customer accounts and wallets after March 15, 2024, certain additional steps are necessary to avoid inconvenience to UPI customers using the handle ‘@Paytm’. Have become. However, transfer of UPI handle will be applicable only to such customers and merchants who have UPI handle ‘@Paytm’. Those who have any other UPI handle will not need to take any action.

NCPI will investigate the request

RBI said that NPCI has been advised by RBI to examine the request of One97 Communication Limited (OCL) under the rules. The company had requested to become a ‘Third Party Application’ Provider (TPAP) to continue operating UPI on the Paytm app. One97 Communications Ltd., which owns the Paytm brand. (OCL) holds 49 percent stake in PPBL. RBI said that to seamlessly transfer the ‘@Paytm’ handle to other banks, NPCI may verify four-five other banks as Payment Service Providers (PSPs). Along with this, RBI said that if NPCI grants TPAP status to OCL, then in that case it can be decided that to avoid any disruption, the handle ‘@Paytm’ will be transferred from PPBL to a group of newly identified banks. be transferred.

RBI gave advice for traders

The Reserve Bank of India statement said that the said TPAP will not add any new users until all existing users are satisfactorily migrated to a new handle. The Reserve Bank said that OCL may open settlement accounts with one or more PSP banks (other than Paytm Payments Bank) for merchants using Paytm QR Code. RBI has once again asked customers having accounts/wallets with Paytm Payments Bank to make alternative arrangements with other banks before March 15, 2024. Along with this, holders of Fastag and National Common Mobility Card (NCMC) issued by Paytm Payments Bank can make alternative arrangements before March 15, 2024 to avoid any inconvenience.

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