Paytm gets NPCI nod to onboard new UPI users

23-10-2024 Wed 06:19 | Business | IANS

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New Delhi, Oct 23 : One97 Communications (OCL), the company that operates Paytm, said on Tuesday that it received a nod from the National Payments Corporation of India (NPCI) to onboard new UPI users.

The permission was granted by NPCI Managing Director and Chief Executive Officer (CEO) Dilip Asbe following a request made by OCL on August 1.

In a letter to OCL founder and CEO Vijay Shekhar Sharma, the NPCI chief stated: "Upon examination of your request, we hereby accord our approval and permit One97 Communications Private Limited (OCL) to onboard new users on their UPI (Paytm) application."

The approval is subject to NPCI's procedural guidelines and requirements outlined in the tri-partite agreement with Payment Service Provider (PSP) banks.

According to the letter, the approval is subject to adherence "to all laws and regulatory guidelines as applicable and issued from time to time including Payments and Settlement Act 2007, Information Technology Act, 2000, Digital Personal Data Protection Act, 2023 and circular on Storage of Payment System Data, 2018".

OCL was stopped from adding new UPI users on the Paytm app following RBI directions issued on January 31 and February 16.

(The content of this article is sourced from a news agency and has not been edited by the ap7am team.)