RBI: Hardly any room to review action taken against Paytm Payments Bank

February 12, 2024 15:59

Reserve Bank of India Governor Shaktikanta Das on Monday said there was "hardly any room" to review the action taken against Paytm Payments Bank.

In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. Talking to reporters in the national capital on Monday, Das said there was "hardly any room" to review the action taken against Paytm Payments Bank.

He also said that RBI takes action against regulated entities only after a comprehensive assessment.

While emphasising that RBI is supportive of the fintech sector, Das said it is also committed to protect the interest of customers as well as ensure financial stability. The central bank is expected to soon issue a set of FAQs (Frequently Asked Questions) on the Paytm matter. PTI

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