New Delhi: The National Payments Corporation of India (NPCI) has approved Paytm to add new UPI users. According to Paytm, this approval has been received after following all the procedural guidelines and circulars. This move is expected to provide some relief to Paytm, which was affected after RBI banned associate Paytm Payments Bank Limited (PPBL) from adding new UPI users on the Paytm app earlier this year.

These banks were approved.

The National Payments Corporation of India in March approved Paytm to participate in UPI as a third-party application provider (TPAP). NPCI allowed the company to continue UPI transactions through four banks - SBI, Axis Bank, HDFC Bank, and Yes Bank.

Paytm said-

According to media reports, in a filing late Tuesday evening, Paytm told BSE that it has received approval from NPCI to add new UPI users. In the filing, Paytm said, “We would like to inform you that vide letter dated October 22, 2024, National Payments Corporation of India has approved the company to add new UPI users with compliance of all NPCI procedural guidelines and circulars.

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According to the letter, the approval is subject to compliance with all NPCI procedural guidelines and circulars issued from time to time, including risk management, brand guidelines for apps and QR, multi-bank guidelines, guidelines and circulars issued specifically on the TPAP market, including shares and customer data. The company will also have to comply with the requirements mentioned in the third-party agreement with NPCI and PSP banks.