Paytm May Partner With 4 Banks For UPI Transactions: Report

The Reserve Bank of India 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.

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 told Reuters.

The Reserve Bank of India 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.