
Paytm’s parent company, One97 Communications Limited, has received approval from the National Payments Corporation of India (NPCI) to onboard new UPI users. The approval comes after restrictions were placed on Paytm’s UPI services earlier this year by the Reserve Bank of India (RBI). This decision marks a significant development for Paytm, allowing the company to expand its UPI user base once again.
In an official letter dated October 22, 2024, NPCI granted the approval with conditions that Paytm must adhere to all procedural guidelines and circulars issued by NPCI, including those related to risk management, brand guidelines, and customer data protection. The approval also requires compliance with various regulatory guidelines, such as the Payments and Settlement Act 2007 and the Digital Personal Data Protection Act 2023.
The company expressed its commitment to complying with all regulations as it resumes onboarding new UPI users.