Paytm Payments Bank: RBI Governor Shaktikanta Das has said that 80 to 85 percent of the users using Paytm wallet will not face any kind of problems due to the regulatory action of RBI. The RBI Governor has advised the remaining users to link their app with other banks.
On January 31, 2024, the banking sector regulator Reserve Bank of India took major action against Paytm Payments Bank and banned it from adding new customers as well as taking deposits or top up in the customers’ accounts. Earlier this ban was to be implemented from 29 February 2024 but later this moratorium was extended to 15 March.
Speaking to ET Now, the RBI Governor said that the deadline for linking the wallets linked to Paytm Payments Bank with other banks has been fixed as March 15. He has ruled out the possibility of extending the deadline. The RBI Governor said that the time given till March 15 is sufficient and there is no need to extend it further. He said that 80-85 percent of Paytm wallets are linked with other banks and the remaining 15 percent wallets have been advised to link with other banks.”text-align: justify;”>Ever since RBI has taken action against Paytm Payments Bank, people associated with Wakar Fintech have strongly criticized this decision of RBI on social media. Responding to these criticisms, the RBI Governor said, RBI’s action is against the regulated entity Paytm Payments Bank and not against any fintech company. He said that this decision of RBI has nothing to do with fintech companies. Shaktikanta Das said that RBI fully supports fintech companies and is fully ready for their growth.
Giving the example, the RBI Governor said that a person can own a Ferrari and drive it, but he still has to follow traffic rules to avoid accidents. Regarding NPCI’s decision on Paytm Payments App license, the RBI Governor said, steps will be taken in this regard only after internal investigation. He said that we have no objection if NPCI considers to continue the Paytm payment app because our action was against Paytm Payment Bank. The app is with NPCI, NPCI will consider it. Expressing hope, he said that a decision should be taken soon in this regard.
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