This comes after the company received approval from the National Payments Corporation of India (NPCI) on October 22, to onboard new UPI users.

Paytm, a leading Indian financial services firm, has received regulatory approval to resume onboarding new UPI users, following an eight-month restriction Paytm has received regulatory approval to resume adding new UPI payments users,

Earlier this year, the Reserve Bank of India (RBI) directed Paytm to halt several of its financial services due to repeated regulatory violations. Following the ban, Paytm requested approval from the National Payments Corporation of India (NPCI) in August.

In March, the NPCI granted Paytm approval to engage in UPI transactions as a Third-Party Application Provider (TPAP), allowing the company to process UPI transactions through four banks: SBI, Axis Bank, HDFC Bank, and YES Bank.

India's Paytm said late on Tuesday it received approval from the country's payments authority to onboard new unified payment interface (UPI) users, providing some relief for the financial services firm after a central bank-ordered ban on its banking unit.

Paytm, India's leading digital payments platform, has officially launched the onboarding process for new UPI users following NPCI approval. Users can now create UPI IDs by linking their bank accounts for swift,

The NPCI nod is expected to come as a relief to Paytm, which had suffered a blow following the Reserve Bank of India's restrictions earlier this year on associate company Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on the Paytm app.

Paytm received NPCI approval for adding new UPI users which paves the way for re-accelerating its dwindling user base and further signaling an easing of regulatory stance, analysts said.

The National Payments Corporation of India (NPCI) has granted approval to Paytm to onboard new UPI users, subject to the adherence to all procedural guidelines and circulars, according to the company.