RBI moves to ensure continuity of UPI transactions on Paytm

New Delhi: In a major relief to customers using Paytm UPI handle (@paytm), the Reserve Bank of India (RBI) on Friday asked the National Payments Corporation of India (NPCI) to examine the possibility of migrating the users from Paytm Payments Bank to 4-5 other banks.

The RBI has already directed Paytm Payments Bank to stop accepting deposits and credits after March 15, 2024. The central bank’s new directive seems to be aimed at preventing any disruptions in the payment ecosystem.