RBI Moves to Keep UPI Transactions Working on Paytm

The Reserve Bank of India said on Friday it has asked the National Payments Corporation of India (NPCI) to examine a request from Paytm, formally known as One 97 Communications, to become a third party application provider (TPAP).

If approved, this would allow Paytm to continue processing payments via India’s popular unified payments interface (UPI), but will need a set of newly identified banks to back the app.

The NPCI should facilitate four…