The ICICI Bank statement said: “NPCI has assured us in writing that this will get corrected very soon and the concerned app will allow interoperability. As soon as this is corrected, ICICI Bank will start allowing UPI transactions to resume on this App.”
The biggest private sector lender had blocked transferring funds through the PhonePe app.
NPCI, in its statement earlier, had said ICICI Bank should free the transactions “immediately”.
“We had a discussion with ICICI Bank and Yes Bank — the banker to PhonePe to review the matter and arrived at this,” NPCI said, adding, “we have also advised banks
to adhere to the merchant on-boarding guidelines meticulously from the angle of interoperability of merchant app so that such disputes are avoided”.
The idea behind the UPI is to make transactions easy and not keep them limited to the banking channels. Aadhaar-based apps developed by banks
will tap in to the UPI system to execute deals.
and wallet companies are not allowed to participate in the UPI but they will be able to do so. Besides, wallet companies, once they turn into payments banks, will automatically get access to UPI systems.
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