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Paytm Payments Bank faces uncertainty as customers and competitors adjust plans. Regulator intervention may be necessary to resolve issues related to banks taking over accounts. Parent company One 97 Communications and its loan sourcing business with non-banking financial companies will also be affected. Shriram Finance and other partners are reconsidering their relationships with Paytm.
SBI is reaching out to merchants to support payment systems amid regulatory action on PayTM Payments Bank. SBI Payments, a company supporting various payment solutions, is open to a one-time migration of accounts. The RBI has ordered Paytm Payments Bank to halt basic payment services due to rule violations. Despite minimal business ties, SBI is willing to help stabilize the system.
India’s Unified Payments Interface (UPI) service is now officially available at the iconic Eiffel Tower in Paris, France. Prime minister Narendra Modi has congratulated France for the formal launch of UPI at the Eiffel Tower. In a post shared on social media platform X, Modi said that the move is a wonderful example of encouraging digital payments and strengthening ties.
Unified Payments Interface (UPI) is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
The NPCI said in a statement that its arm NPCI International Payments (NIPL) has tied up with French e-commerce and proximity payments Lyra, which will help ensure that the UPI payment mechanism is accepted in the European country, starting with the Eiffel Tower.