Overview

• The RBI has instructed Paytm to become a third-party application provider for UPI, pending approval from the National Payments Corporation of India.
• Paytm's UPI operations are to be migrated seamlessly to newly identified banks, with no new users to be added until the migration is complete.
• Paytm Payments Bank has been prohibited from accepting new deposits or credits in customer accounts after February 29, with an extension granted until March 15.
• Customers can use funds in their Paytm accounts until depleted but cannot add new funds after March 15.
• Paytm has partnered with Axis Bank for merchant settlements and insists its QR codes and devices will continue to function post-deadline.