SBI will collaborate with Paytm

 

Paytm's parent company, One97 Communications, will partner with the country's largest bank, State Bank of India. Until now, Paytm's UPI business was dependent on its subsidiary Paytm Payments Bank. Paytm is partnering with SBI after the RBI imposed a business ban on the payments bank. A third-party app provider (TPAP) has partnered with State Bank of India to facilitate UPI transactions while obtaining a license. It is hinted that Paytm may also collaborate with leading banks like HDFC Bank, Axis Bank and Yes Bank.