Paytm’s parent company, One97 Communications Ltd (OCL), on Tuesday (October 22) said it has received approval from the National Payments Corporation of India (NPCI) to resume onboarding new users on its Unified Payments Interface (UPI) platform.
“…we would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the company to onboard new UPI users, with adherence to all NPCI procedural guidelines and circulars,” according to a stock exchange filing.
This comes after the Reserve Bank of India on January 31 this year directed Paytm Payments Bank to stop deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc after February 29, 2024, other than any interest, cashback, or refunds that may be credited anytime.
This approval, communicated via a letter dated October 22, 2024, comes after onboarding was halted in compliance with RBI directives earlier in the year.
The NPCI approval is contingent upon Paytm’s adherence to procedural guidelines and circulars related to risk management, brand guidelines, multi-bank support, and customer data protection.
Paytm must also comply with applicable laws and regulations, including the Payments and Settlement Act, of 2007, and the Digital Personal Data Protection Act, of 2023.
Shares of One 97 Communications Ltd ended at ₹687.30, down by ₹38.55, or 5.31% on the BSE.
Content retrieved from: https://www.cnbctv18.com/market/stocks/paytm-one-97-communications-share-price-receives-npci-approval-to-onboard-new-upi-users-19497279.htm.
