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Paytm in talks with Axis, Canara, Yes and Kotak to migrate merchant accounts from payments bank

Money Control · 1y

Four leading banks, including Axis Bank, Canara Bank, Yes Bank, and Kotak Mahindra Bank, are in the running to partner with Paytm to migrate merchants onto their platforms. These merchants were previously onboarded through Paytm Payments Bank Ltd. The move comes after the Reserve Bank of India imposed restrictions on Paytm Payments Bank Ltd and directed the migration of all UPI accounts to various commercial banks to avoid disruption to the digital payments platform. The partnering banks anticipate annual expenses of INR 50-70 crores to process the merchant transactions.