Paytm gets NPCI nod to onboard new UPI users

The National Payments Corporation of India (NPCI) has granted support to Paytm to onboard caller UPI users, taxable to the adherence to each procedural guidelines and circulars, according to the company.

The determination is expected to travel arsenic a alleviation to Paytm, which had suffered a stroke pursuing the Reserve Bank of India's restrictions earlier this twelvemonth connected subordinate institution Paytm Payments Bank Limited (PPBL) successful onboarding caller UPI users connected the Paytm app.

In March, the NPCI gave support to Paytm to enactment successful UPI arsenic a Third-Party Application Provider (TPAP). The NPCI allowed the institution to proceed UPI transactions done 4 banks -- SBI, Axis Bank, HDFC Bank and YES Bank.

In a precocious evening filing connected Tuesday, Paytm informed the BSE that it has received support from the NPCI to onboard caller UPI users.

"...We would similar to pass you that vide missive dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted support to the institution to onboard caller UPI users, with adherence to each NPCI procedural guidelines and circulars," the Paytm filing, which besides attached the NPCI missive granting the nod, said.

According to the letter, the support is taxable to adherence to each NPCI procedural guidelines and circulars issued from clip to time, including guidelines and circulars issued specifically connected hazard management, marque guidelines for app and QR, multi-bank guidelines, TPAP marketplace stock and lawsuit data.

The institution volition besides request to adhere to the requirements outlined successful the tri-partite statement with NPCI and PSP Banks.

It has besides been asked to "...Adhere to each laws and regulatory guidelines arsenic applicable and issued from clip to clip including Payments and Settlement Act 2007, Information Technology Act, 2000, Digital Personal Data Protection Act, 2023 and circular connected Storage of Payment System Data, 2018," arsenic per the NPCI missive addressed to Vijay Shekhar Sharma, laminitis and CEO of One97 Communications.
One97 Communications is the genitor institution of fintech steadfast Paytm.

While permitting One97 Communications (OCL) to onboard caller users connected its UPI application, the NPCI noted that it had received a missive from the institution connected August 1 requesting support for onboarding caller UPI users connected the Paytm app which was stopped arsenic per RBI directions dated January 31 and February 16.

"Upon introspection of your request, we hereby accord our support and licence One97 Communications Private Limited (OCL) to onboard caller users connected their UPI application," the Paytm filing said, listing retired the assorted conditions.

In a large enactment against Paytm Payments Bank (PPBL), the RBI had connected January 31 directed it to halt accepting deposits oregon top-ups successful immoderate lawsuit accounts, wallets, FASTags and different instruments, arsenic it cited persistent non-compliance and continued worldly supervisory concerns.