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Paytm is looking to migrate UPI payments to four banks and is eyeing TPAP status before March 15. This would help Paytm settle UPI transactions once it gets the third-party app provider licence, reports suggested.
The National Payments Corp of India (NPCI) is expected to grant a third-party application provider license to Paytm, also known as One 97 Communications, by March 15, according to Reuters. However, the Reserve Bank of India (RBI) is unlikely to extend the deadline for Paytm Payments Bank, the banking arm of Paytm, to wind down its operations by the same date.
Paytm Payments Bank Ltd has been removed from NHAI's approved list of Fastag providers. Users must deactivate their Paytm Fastag and obtain a new one from the 32 banks listed on NHAI's website or through the "My FASTag" app. Visit NHAI's official website for more details.
More payment banks are likely to face regulatory action on allegations of money laundering, following the recent RBI crackdown on Paytm. This and more in today's ETtech Top 5.
The RBI is expected to issue some clarification in the Paytm case, considering its user base and reach. Financial services secretary Vivek Joshi hinted at the move, adding that the RBI had taken the present step in the interest of consumer protection.