New Delhi, Feb 23 (IANS) The Reserve Bank of India (RBI) on Friday asked the National Payments Corporation of India (NPCI) to ensure alternative arrangements for customers using the Unified Payments Interface of Paytm Payments Bank Ltd (PPBL) so that ‘@paytm’ handles can be migrated in a seamless manner.
The central bank advised that in the event of NPCI granting Third Party Application Provider (TPAP) status to One97 Communication Ltd (OCL), it may be stipulated that ‘@paytm’ handles “are to be migrated in a seamless manner from Paytm Payments Bank to a set of newly identified banks to avoid any disruption”.
“No new users are to be added by the said TPAP until all the existing users are migrated satisfactorily to a new handle,” said the RBI.
NPCI may facilitate certification of 4-5 banks as the payment service provider that are capable of processing high volumes of UPI transactions, it added.
The bank said that as the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, certain additional steps have become necessary to ensure seamless digital payments by UPI customers using ‘@paytm’ handle operated by the Paytm Payments Bank, and “minimise concentration risk in the UPI system by having multiple payment app providers”.
For the merchants using PayTM QR Codes, OCL may open the settlement accounts with one or more PSP Banks (other than Paytm Payments Bank).
“It is reiterated that the holders of FASTag and National Common Mobility Cards (NCMC) issued by Paytm Payments Bank, may make alternative arrangements before March 15, 2024 to avoid any inconvenience,” said the RBI.
–IANS
na/pgh
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
