THE RESERVE BANK of India (RBI) has asked the National Payments Corporation of India (NPCI) to examine Paytm parent One 97 Communications' request to be a third-party application provider (TPAP).
If approved, this would allow Paytm to continue processing payments via the Unified Payment Interface (UPI). However, it will need a set of newly identified banks to back the app.
"In the event of NPCI granting TPAP status to One97 Communications, it may be stipulated that'@paytm' handles must be migrated in a seamless manner from Paytm Payments Bank to a set of newly identified banks to avoid any disruption," the central bank said in the notification.
It further stated that no new users will be added by the third-party application until all existing users are migrated satisfactorily to a new handle.
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