Paytm new UPI users : Diwali has brought happiness for Paytm. Paytm will now be able to add new UPI users. Paytm has received approval from the National Payments Corporation of India (NPCI) to add new users to its Unified Payments Interface (UPI) platform after an 8-month ban. The approval came on October 22, 2024, after Paytm complied with several regulatory guidelines.
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According to reports, as per Paytm's BSE filing, the company will have to strictly follow NPCI guidelines. This will depend on how Paytm adheres to the circular on risk management, brand guidelines for app and QR, multi-bank guidelines, third party application providers, market share and customer data.
The root cause of Paytm's inability to add new UPI users began in January 2024. The Reserve Bank of India (RBI) issued directions citing non-compliance of certain operational guidelines. Specifically, the ban was imposed due to concerns over Paytm's management of risk-related processes and adherence to data protection regulations.
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