RBI Allows Paytm to Transfer UPI Payments to Other Banks

RBI Allows Paytm to Transfer UPI Payments to Other Banks 

Paytm Users Advised to Update UPI IDs Amidst Regulatory Changes...


In response to the Paytm Bank's inability to accept further credits into its customers accounts and wallets after March 15, 2024, the Reserve Bank of India (RBI) has mandated certain additional measures to ensure seamless digital payments for UPI customers using '@paytm', according to a circular issued in March 2024.

NPCI has given the green light to One 97 Communication (OCL), the parent company of Paytm Payment Bank, to move its customers' UPI payments to other banks. Additionally, OCL has been allowed to function as a Third Party Application Provider (TPAP) under a multi-bank setup.

This recent approval means that Paytm can now offer UPI services through partner banks. In light of this development, Paytm has expedited the integration process with prominent banks including Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank.

Although there is no specific deadline for users to act, they are encouraged to replace their current UPI IDs with '@paytm'. The new UPI handles for respective banks are as follows:

  • State Bank of India (SBI): '@ptsbi'
  • HDFC Bank: '@pthdfc'
  • Axis Bank: '@ptaxis'
  • YES Bank: '@ptyes'

This move by Paytm and the regulatory approvals granted by RBI and NPCI are aimed at ensuring uninterrupted UPI transactions and providing users with a smooth digital payment experience.


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