x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Justice For Terror Victim Families | Kathua Administration welcomes first Batch of Amarnath Yatris at Lakhanpur | Yatra of resilience: LG to flag off first batch today after Pahalgam carnage, Op Sindoor | LG visits Yatri Niwas at Bhagwati Nagar, reviews arrangements | LG reviews final preparations | LG chairs high-level meeting, discusses issues of terror victim families | LG flags off fleet of ambulances in Ramban, Anantnag districts | 5 real brothers from Budgam among fraudulently selected candidates | Hope beneath the surface: Govt plans underground hospital in Poonch | ACB catches DDC member red handed | Crime Branch books J&K Bank officers, others for frauds | Back Issues  
 
news details
Paytm may partner with 4 banks for UPI transactions: Report
2/26/2024 10:14:34 PM
Agencies
MUMBAI, Feb 26: India's troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular Unified Payments Interface (UPI), two sources aware of the development told Reuters.
The Reserve Bank of India has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app.
UPI is India's real-time payments system, operated by the National Payments Corporation of India (NPCI), that allows users to transfer money across banks
The Reserve Bank of India (RBI), last week, asked the NPCI to examine a request from Paytm to become a third-party application provider and to facilitate four to five banks to act as service providers for it.
"Talks to onboard banking partners are on, and Paytm wants to start this process with large banks that have the technological bandwidth to handle large volumes seamlessly," one of the sources said.
The persons did not want to be identified as they were not authorised to speak with the media.
HDFC Bank, Yes Bank, SBI, Paytm did not immediately respond to Reuters' emails seeking comment. Spokespersons for Axis Bank and NPCI declined to comment.
"Paytm is likely to onboard Axis Bank as a banking partner first, and then rope in more banks," the second source said.
The NPCI will take about a month to check the bank's technology and related infrastructure, Reuters source said.
Paytm is the third-largest app for UPI payments in the country, processing 1.6 billion monthly transactions, according to data available on the NPCI website. PhonePe and Google Pay are the two largest.
Paytm's users will migrate to an updated UPI handle of the partner bank, the second person said.
"Any business with Paytm will only happen as per RBI's regulatory orders," Prashant Kumar, chief executive officer at Yes Bank said on Monday in an earlier interview.
"If there is clarity on the risks involved and if the business makes commercial sense to us, we have the capabilities.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU