RBI Governor Shaktikanta Das rules out review of action against Paytm Payments Bank
The Hindu
RBI Governor rules out review of action against Paytm Payments Bank, emphasizes comprehensive assessment and customer protection.
Reserve Bank of India Governor Shaktikanta Das ruled out any review of the central bank's action against Paytm Payments Bank (PPBL) on February 12, saying the decision was taken after a comprehensive assessment of the functioning of the lender.
In a major action against PPBL, the RBI directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29 on January 31.
"At the moment let me say very clearly there is no review of this [PPBL] decision. If your are expecting a review of the decision, let me very clearly say there is [going to be] no review of the decision," Mr. Das said at a press conference after the 606th meeting of the Central Board of Directors of the Reserve Bank of India. The meeting was addressed by Finance Minister Nirmala Sitharaman.
The Governor said any decision against entities regulated by the RBI is taken after a comprehensive assessment. While emphasising that RBI is supportive of the fintech sector, Mr. Das said it is also committed to protect the interest of customers as well as ensure financial stability.
The RBI is expected to soon issue a set of FAQs (Frequently Asked Questions) on the Paytm matter this week.
While announcing the action against PPBL, the RBI had said the direction follows persistent non-compliances and continued material supervisory concerns.
Earlier on March 11, 2022, the RBI had barred PPBL from onboarding new customers with immediate effect.
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