Highlights

  • RBI issues additional steps for RBI's 15th March deadline
  • No new deposits, topups, credit transactions will be allowed after 15th March
  • FASTag, NCMC holders of Paytm will have to migrate before 15th March

Latest news

Former Prime Minister Manmohan Singh passes away at 92

Former Prime Minister Manmohan Singh passes away at 92

Pakistan confirms airstrikes targeting militants' hideouts in Afghanistan, Kabul terms it 'brutal act'

Pakistan confirms airstrikes targeting militants' hideouts in Afghanistan, Kabul terms it 'brutal act'

'Baby John' earns Rs 11 crore on opening day

'Baby John' earns Rs 11 crore on opening day

Govt planning to send human into deep sea in early 2026: Union Minister Jitendra Singh

Govt planning to send human into deep sea in early 2026: Union Minister Jitendra Singh

Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report

Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report

Pakistan military courts sentenced another 60 civilians to prison terms ranging from 2 to 10 years

Pakistan military courts sentenced another 60 civilians to prison terms ranging from 2 to 10 years

King Charles commemorates Commonwealth soldiers in Christmas message

King Charles commemorates Commonwealth soldiers in Christmas message

China approves world's largest dam over Brahmaputra river close to Indian border

China approves world's largest dam over Brahmaputra river close to Indian border

Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

These actions are to ensure protection of customers
and payments system from any possible disruptions, says RBI's latest circular on Paytm

 

Video Player is loading.
Current Time 0:00
Duration 0:00
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
 
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected
      Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

      The Reserve Bank of India has issued additional steps and a roadmap for the smooth transition for users of Paytm Payments Bank (PPBL) and those with @paytm handles.

      This comes on the back of its 15th March deadline, after which, PPBL cannot accept any deposits or carry out credit transactions.

      RBI has advised NPCI to examine the request of One97 communications (Paytm's parent) to become a 3rd party application provider to continue UPI operations of the Paytm app.

      If NPCI grants Paytm this status, all @paytm handles must be migrated from the Paytm Payments Bank to a set of newly identified banks to avoid disruption.

      Also read/watch - Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

      For this, NPCI can facilitate certification of 4-5 banks as payments service providers to process high volume UPI transactions. This is to minimise concentration risk. RBI also has specified that no new users can be added until all existing users are migrated.

      For the merchants using PayTM QR Codes, Paytm may open the settlement accounts with other payment service provider banksIn what is important information for users, RBI clarifies that only those UPI handles will need to be migrated for those users who have @Paytm as their UPI handle. For the rest who have UPI handles other than @paytm, no action would need to be taken.

      Also, customers who have their wallet or underlying account as Paytm Payments Bank will need to make alternate arrangements with other banks before March 15th.

      RBI also reiterates that holders of FASTag and National Common Mobility Cards (NCMC) issued by Paytm Payments Bank, will also have to migrate, since no new topups will be allowed after March 15th.

      ADVERTISEMENT

      Up Next

      Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

      Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

      Banks can charge over 30% interest on credit card dues: Supreme Court

      Banks can charge over 30% interest on credit card dues: Supreme Court

      Rupee plunges 12 paise to close at new all-time low of 85.27 against US dollar

      Rupee plunges 12 paise to close at new all-time low of 85.27 against US dollar

      India Cements promoter N Srinivasan steps down as UltraTech completes acquisition

      India Cements promoter N Srinivasan steps down as UltraTech completes acquisition

      TRAI Mandates Voice and SMS-Only Recharge Plans: A Game-Changer for Indian Telecom Users

      TRAI Mandates Voice and SMS-Only Recharge Plans: A Game-Changer for Indian Telecom Users

      Healthy FDI inflows into India to continue in 2025

      Healthy FDI inflows into India to continue in 2025

      ADVERTISEMENT

      editorji-whatsApp

      More videos

      NFRA penalises Deloitte Haskins & Sells LLP, 2 auditors for lapses in ZEEL

      NFRA penalises Deloitte Haskins & Sells LLP, 2 auditors for lapses in ZEEL

      Asian Markets Edge Higher Amid Dollar Strength and Holiday Calm

      Asian Markets Edge Higher Amid Dollar Strength and Holiday Calm

      Oil Prices Edge Higher Amid Strong U.S. Economic Data, Rising Indian Demand

      Oil Prices Edge Higher Amid Strong U.S. Economic Data, Rising Indian Demand

      Nifty 50, Bank, FMCG Lead Gains; Auto Sector Declines – Market Update December 23, 2024

      Nifty 50, Bank, FMCG Lead Gains; Auto Sector Declines – Market Update December 23, 2024

      Stock Market Roundup: December 23, 2024 - U.S. Markets Lead, Europe Shows Stability, Asia Gains

      Stock Market Roundup: December 23, 2024 - U.S. Markets Lead, Europe Shows Stability, Asia Gains

      Nifty 50 Stock Analysis – December 23, 2024: Key Losses and Technical Insights

      Nifty 50 Stock Analysis – December 23, 2024: Key Losses and Technical Insights

      Top Nifty 50 Gainers on December 23, 2024: Technical Analysis of JSWSTEEL, ITC, HINDALCO, TRENT, and HDFC

      Top Nifty 50 Gainers on December 23, 2024: Technical Analysis of JSWSTEEL, ITC, HINDALCO, TRENT, and HDFC

      Indian Stock Market stage sharp recovery after five days of fall

      Indian Stock Market stage sharp recovery after five days of fall

      India has potential to be key sustainable aviation fuel producer: IATA

      India has potential to be key sustainable aviation fuel producer: IATA

      Market Cap of India's top-10 most valued firms slumps Rs 4.95 lakh Crore

      Market Cap of India's top-10 most valued firms slumps Rs 4.95 lakh Crore

      Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.