There's good news for Paytm users in India! The National Payments Corp of India (NPCI) is expected to grant Paytm, formally known as One 97 Communications, a crucial third-party application provider (TPAP) license by March 15th. This vital license ensures continued access to India's popular Unified Payments Interface (UPI) through the Paytm app, even after its banking arm, Paytm Payments Bank, ceases operations on the same date.

The RBI's (Reserve Bank of India) regulatory action for non-compliance led to the shutdown of Paytm Payments Bank. However, the TPAP license acts as a lifeline. UPI, managed by NPCI, is India's real-time payment system that allows seamless money transfers across banks. With the TPAP license, Paytm users can breathe a sigh of relief, knowing they can continue using the familiar app for UPI transactions.

While the complete integration with partner banks might take some time, the license approval itself is a significant step forward. Sources close to the development suggest the process is nearing completion and the license will be secured before the March 15th deadline. This ensures minimal disruption for Paytm users who rely heavily on the app for everyday transactions.