Transactions on UPI surged 52% YoY in terms of volume to 78.97 billion and 40% in terms of value to Rs 116.63 trillion in the first six months of 2024.
Prosus-backed PayU Payments has got RBI's in-principle approval to operate as payment aggregator and restart onboarding new merchants.
The move will allow continuity of Paytm app and devices like Paytm QR, Soundbox and Card Machine to work after new 15 March deadline set by RBI.
RBI gives 15-day extension to Paytm Payments Bank for stopping deposit transactions; earlier deadline was 29 February.
Here is a detailed list of FAQs RBI has issued to address questions around withdrawal, refund, salary credit, direct benefit transfers, electricity bill payment, EMIs, Paytm FASTag and money transfer through UPI.
Ruling out any review of central bank’s action against Paytm Payments Bank, RBI Governor Shaktikanta Das says decision was taken after comprehensive assessment of functioning of lender.
Paytm Payments Bank’s persistent non-compliance of the regulator’s norms prompted RBI to act; action was taken keeping in mind the gravity of the violation.
HDFC Bank is “talking” to its longstanding partner Paytm as the fintech tries to find a way out of the current restrictions placed by RBI
Paytm is in exploratory talks to sell wallets business; Jio Financial Services and HDFC Bank are leading contenders.
After RBI’s punitive order, Paytm is working with other banks to make changes in the backend for continuity of UPI services.
Confederation of All India Traders issues cautionary advisory to traders to switch from Paytm to other payment options for business-related transactions following RBI curbs on Paytm wallet and bank operations.
RBI bars Paytm Payments Bank from taking fresh deposits and credit transactions across its services; to come into effect from 29 February.
Zomato Payments has received authorisation from RBI to operate as an online payment aggregator.
Fintech self-regulatory organisation would ensure adherence to industry standards and facilitate a transparent communication channel with RBI, as per the draft norms.
After almost a year of freeze, Razorpay and Cashfree can onboard new merchants; they receive the final authorisation from RBI to operate as payment aggregators.
