HDFC Bank and Yes Bank file third-party application provider request for Paytm UPI business

Earlier, Axis Bank had filed a joint application to act as a TPAP.

Over the last few days, all three banks have engaged in discussions with the NPCI, the regulatory body overseeing UPI.

NPCI is expected to fast-track the approval process to ensure a smooth experience for customers using the Paytm app for UPI transactions. On February 23, the RBI announced plans for a seamless migration of customers and merchants with '@paytm' handles from PPBL to a new set of designated banks to prevent any disruptions.