Paytm migrates users to new UPI IDs
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One97 Communications Limited (OCL), the parent company of Paytm, has started transitioning its users to partner payment service provider (PSP) banks. These include Axis Bank, HDFC Bank, SBI, and Yes Bank. This move comes after Paytm Payments Bank Limited (PPBL), an associate company of OCL, faced severe sanctions from the Reserve Bank of India (RBI) for violating KYC norms. The sanctions have made PPBL's role as a PSP unsustainable.