Statement of ICICI Bank on PhonePe case

icicibankbigAn ICICI Bank spokesperson said: “A certain non-banking application is following a restrictive practice of allowing only users of its own UPI handle to make payments on its App. This is a clear violation of UPI guidelines which mandate interoperability, wherein users enjoy the freedom to choose any UPI handle to make payments.

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.

1