Paytm Payments Bank

RBI governor on Paytm Payments Bank ban: You can drive a Ferrari but still respect traffic laws.

It was reaffirmed by Shaktikanta Das, the governor of the Reserve Bank of India, that the bank does not hold any adverse views about the financial technology industry in general. Das made this statement. He stated that the reason why action was taken against Paytm Payments Bank (PPBL) was because the bank had continuously failed to comply with the regulations that were established by the government. The governor remarked in an interview with ET Now that the Reserve Bank of India (RBI) has taken action against a regulated firm, which in this case is PPBL, and that the RBI does not harbor any ill will towards businesses that are involved in the financial technology industry. The governor's statement was made about the fact that the RBI has taken action against PPBL.

Furthermore, the economist stated that the Reserve Bank of India (RBI) is and will continue to be completely supportive of financial technology (Fintech). This support will continue in the future.

The Reserve Bank of India (RBI) is the agency that encourages innovation in the field of financial technology, and it has even built a Sandbox to test new technologies, as Das pointed out. Das further emphasized that the RBI is the organization that supports innovation.

The reason he used a straightforward analogy was to avoid getting into an accident. He stated that even if someone owns and drives a Ferrari, they are still required to adhere to the rules of the road. This was done to avoid getting into a collision. Too prevent a collision from occurring, this was carried out.

According to the governor, the deadline for combining the wallet that is connected to PPBL with other banks has been set for March 15, and any additional extension of this date is thus not possible. The deadline has been set. In addition, the governor mentioned that the closing date has been established. The governor made a statement in which he highlighted that the period that has been allotted to Paytm Payments Bank (up until March 15) is sufficient and that there is no need for any additional extension.

He said this in the statement. As far as he is concerned, between eighty and eighty-five percent of Paytm wallets are linked to other financial institutions, and the remaining fifteen percent have been instructed to switch to other financial institutions. Following that, he stated that this figure is somewhere in the range of 80 to 85 percent.

A license for the application Paytm, which is used for money transfers

Das responded to a question about when the National Payments Corporation of India (NPCI) will make a judgment regarding the licensing of the Paytm payment app by stating that it is essential for the NPCI to conduct its internal verification. As a response to the inquiry, Das was speaking. Immediately after we took action against the Paytm Payment Bank, we informed the Reserve Bank of India (RBI) that we do not have any concerns regarding the continuation of the Paytm payment app through the National Payments Corporation of India (NPCI).

This was done in response to the action that we took against the Paytm Payment Bank. The reason for this is that we have started legal action against the Paytm Payment Bank system. The application is currently being evaluated by the NPCI, and there is a call that is waiting for them to complete their review immediately. He stated to the press, “I believe that they ought to be taking a call in a short while,” and he was right.


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