The company received approval from the National Payment Corporation of India (NPCI) for starting the user migration to new payment system provider (PSP) handles with immediate effect.
NPCI on Thursday approved Paytm parent One97 Communications' application to participate in UPI as a third-party application provider (TPAP).
Paytm shares have tumbled 51% from ₹761 at the close of trade on January 31, 2023, after the RBI action against PPBL.
Axis Bank, HDFC Bank, State Bank of India and YES Bank will act as payment system provider (PSP) banks to Paytm parent One97 Communications
FinMin action comes after FIU-IND received specific info on a few entities engaging in illegal acts, including organising and facilitating online gambling
One97 Communications says both companies have “mutually agreed” to discontinue various inter-company pacts amid regulatory restrictions
SoftBank entity SVF India Holdings has sold 2.17% stake in One97 Communication between January 23, 2024 and February 26, 2024, bringing down its holding to 2.83%.
One97 Communications withdraws all nominees from the Paytm Payments Bank board, and future business to be led by a new board
The measures will minimise concentration risk in the UPI system by having multiple payment app providers, says RBI.
RBI says it has decided to extend the deadline keeping in view the interest of customers (including merchants) of Paytm Bank
