There is little scope for review of action against Paytm Payments Bank: RBI Governor Das

There is little scope for review of action against Paytm Payments Bank: RBI Governor Das


New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das said there is hardly any scope for reviewing the action taken against Paytm Payments Bank (PPBL). In a major action against Paytm Payments Bank, RBI had barred it from accepting deposits or top-ups in any customer account, wallet, Fastag and other instruments after February 29.

Speaking to reporters in the national capital, 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 protecting the interests of customers.

It is expected that the central bank will soon issue FAQs (Frequently Asked Questions) on the Paytm issue. The Reserve Bank has taken this action against PPBL for its continuous failure in regulatory compliance. Earlier, on March 11, 2022, it had stopped PPBL from adding new customers with immediate effect.

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