Paytm secures NPCI nod to onboard new UPI users
New Delhi/IBNS: One97 Communications Limited, the parent company of Paytm, has received the green light from the National Payments Corporation of India (NPCI) to onboard new users for its Unified Payments Interface (UPI) platform.
The approval was communicated to stock exchanges on Tuesday (Oct. 22).
This approval follows a suspension imposed by the Reserve Bank of India (RBI) earlier in 2024, which had halted the onboarding of new users.
The company received a letter from NPCI on Tuesday, October 22, 2024, informing it of the decision.
As per NPCI’s guidelines, One97 Communications must adhere to specific procedures and protocols as it resumes onboarding activities.
The NPCI’s decision came in response to a request made by Vijay Shekhar Sharma, Founder and CEO of One97 Communications, on August 1, 2024.
Sharma had appealed for the lifting of restrictions placed by the RBI’s directives issued on January 31 and February 16, 2024, which had temporarily suspended new user registrations.
However, this approval comes with several conditions.
One97 Communications is required to strictly follow NPCI’s guidelines and circulars, including compliance with risk management protocols, brand guidelines for the app and QR codes, multi-bank regulations, market share restrictions for Third-Party Application Providers (TPAP), and proper handling of customer data.
Additionally, the company must adhere to the terms outlined in its tri-partite agreement with NPCI and Payment Service Provider (PSP) banks.
Paytm is also expected to comply with all relevant regulations, such as the Payments and Settlement Act of 2007, the Information Technology Act of 2000, the Digital Personal Data Protection Act of 2023, and NPCI’s 2018 circular on payment system data storage.
The NPCI's approval arrives at a crucial time for Paytm, as the company aims to solidify its standing in the increasingly competitive UPI market.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Tripura sees 64.07 pc surge in domestic tourism: Minister Sushanta Chowdhury
Bangladesh army kills four tribals, injures 40 others in indiscriminate firing in CHT, RRAG calls for India’s downgrading of diplomatic relations with Yunus govt
Bicycle rally by NEEPCO & Agartala Cycloholics: Spreading message of cleanliness & environment
Jammu and Kashmir's Armless archer Sheetal Devi,18, clinches gold at Para World Archery Championships
