Taking a major action against Paytm Payments Bank, RBI had stopped it from accepting deposits or top-up in any customer account, wallet, Fastag and other instruments after February 29.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said there is ‘hardly any scope’ for reviewing the action taken against Paytm Payments Bank (PPBL). Taking a major action against Paytm Payments Bank, RBI had stopped it from accepting deposits or top-up in any customer account, wallet, Fastag and other instruments after February 29.
No scope for review
Speaking to reporters on Monday, Das said there was ‘hardly any scope’ for a review of the action taken against Paytm Payments Bank. He also said that RBI takes action against regulated entities only after comprehensive assessment. Das emphasized that the regulator supports the financial technology (fintech) sector, and is committed to ensuring financial stability while also protecting the interests of customers. It is expected that the central bank will soon issue FAQ (Frequently Asked Questions) on Paytm matter.
The Governor had raised questions
Just last week, after the announcement of the monetary policy, he had given strict statements on this matter in a press conference. When asked about the Central Bank’s action, RBI Governor Shaktikanta Das, without naming Paytm, said that if everything had been complied with, then why would the Central Bank take action against a regulated entity? He said that there is no need to worry about the system regarding Paytm issue, we are only talking about the payments bank.
RBI Deputy Governor Swaminathan had said that while action was taken against Paytm for “persistent non-compliance”, adequate time was given for corrective action.
