New Delhi. In a reassuring development for digital payments leader Paytm and its huge user base, recent clarifications from top government officials have allayed every concern about the company’s operational integrity and systemic stability within the financial ecosystem. Paytm spokesperson issued a statement in this regard and said, ‘We are continuously clarifying that neither Paytm nor any payment system related to it is under the scrutiny of any regulatory agency. At the same time, the statements given by senior officials recently have also confirmed the fact that at present Paytm is completely safe for the customers. Our commitment to working in compliance with regulatory guidance and continuously enhancing our processes to further advance the reach of digital payments across India remains unwavering.’ Let us tell you that ever since RBI has taken active action against Paytm, there is an all-round discussion regarding the regulatory security of Paytm. Which some people are also interpreting as a serious problem. However, the clarification from the Financial Services Secretary suggests that these measures were a precautionary measure keeping in mind the safety of customers, the context of the economic scenario.
At the same time, Financial Services Secretary Vivek Joshi said on Wednesday, ‘Now the issues related to Paytm will be handled by no one else but RBI. This is not a part of our jurisdiction, hence the Central Government has nothing to do with it. Joshi said during the interview, ‘This is a tough step taken by the regulator. At the same time, when it comes to taking strict action against Paytm, I want to make one thing clear that the Central Government has nothing to do with it and we have full confidence that RBI has taken any action keeping in mind the various interests of the customers and the economy. Must have also taken steps. It gained momentum after Paytm founder Shekhar Sharma’s discussion with Union Finance Minister Nirmala Sitharaman on this topic recently. Although the specifics of the discussions remained confidential, the broad message was clear. The way forward for Paytm includes closer collaboration with regulatory bodies.
Addressing speculations of financial instability arising from the RBI directive on Paytm Payments Bank, Joshi highlighted the limited size of the bank and also dismissed any significant systemic risk concerns. To further boost Paytm’s position, Revenue Secretary Sanjay Malhotra emphasized the absence of any existing law enforcement and ED action against Paytm. Also denied any ongoing investigation into the company’s operations or alleged money laundering activities. Along with this, as Paytm is moving forward in the regulatory landscape. The affirmation from the government and regulatory authorities serves as a testament to the company’s resilience and commitment to maintaining a transparent, secure and inclusive digital payments ecosystem in India.