Paytm to partner with SBI, Axis, HDFC and Yes Bank For UPI Payments

Paytm to partner with SBI, Axis Bank, HDFC and Yes Bank for enabling UPI transactions : – India’s troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said.

The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app. UPI is India’s real-time payments system, operated by the National Payments Corporation of India (NPCI), that allows users to transfer money across banks. Check for trending banking news here.

Paytm Founder and CEO Vijay Shekhar Sharma, nominee of One97 Communications Ltd (OCL) in Paytm Payments Bank, has resigned from Paytm Payments Bank board as its part-time non-executive chairman and board member. Simultaneously, the crisis-ridden Paytm Payments Bank Limited (PPBL) has reconstituted its Board opting for a structure with only independent and executive directors. One97 Communications, which held 49 per cent in the payments bank, has withdrawn its nominee Sharma, who also owned 51 per cent in the Payments Bank in his personal capacity.

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