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Earlier in the day, the Reserve Bank of India directed NPCI to look into the request submitted by One97 Communication Ltd (OCL) to function as a third-party application provider for UPI services.
As per the website of Paytm Payments Bank (PPBL), it has 30 crore wallets and 3 crore bank customers
Paytm Payments Bank Crisis: Among other measures, NPCI has been asked to examine Paytm's request to become a third-party application provider for UPI channel for continued UPI operation of the Paytm app
The central bank has barred Paytm Payments Bank from accepting further credits into its customer accounts and wallets after March 15, 2024.
On January 31, the RBI imposed major business restrictions on PPBL, including a bar on accepting fresh deposits and doing credit transactions after February 29. On February 16, it extended the deadline to March 15.