Paytm Gets NPCI Nod to Resume Onboarding New UPI Users

23 Oct 2024 , 08:10 PM

One97 Communications Ltd (Paytm’s parent company) received approval from NPCI to resume onboarding new users on its UPI platform. NPCI approval was granted on October 22, 2024, after halting onboarding earlier this year due to RBI directives.

RBI had restricted Paytm Payments Bank from deposits, credit transactions, and top-ups in customer accounts after February 29, 2024.

Paytm’s resumption of UPI onboarding is subject to compliance with NPCI guidelines and circulars related to risk management, brand guidelines, and customer data protection. Paytm must ensure multi-bank support and adhere to all NPCI procedural guidelines during the process.

Compliance with applicable laws, including the Payments and Settlement Act of 2007 and the Digital Personal Data Protection Act of 2023, is mandatory for Paytm. The approval signals a significant step for Paytm in regaining full functionality on its UPI platform.