Paytm Payments Bank / RBI breaks silence on Paytm ban - 'Given enough time to improve'

Paytm Payments Bank: Paytm Payments Bank (PBBL) was banned by the country's banking regulator Reserve Bank of India (RBI) on January 31, 2024. Since then, there is constant doubt as to what will happen to Paytm now? Will Paytm Payments Bank be closed after February 29? Well today when the Reserve Bank of India announced its monetary policy, it said many big things about Paytm.

At the time of the announcement of the monetary policy, RBI Governor Shaktikanta Das said that the companies coming under the purview of regulation are expected to follow the seriousness and procedures of the regulation. They should protect the interests of the customers. Although at that time he did not take the name of Paytm. His advice should be seen not only in the context of Paytm but also in the context of other fintech companies.

‘Paytm was given enough time’

• While talking to the press after the announcement of monetary policy, the RBI Governor has answered many questions related to Paytm. Know what he said about Paytm…?
• Paytm was given enough time to improve. But due to repeatedly not following the rules, action was taken against him.
• Without naming Paytm, he said that if all the rules were followed, then why would the central bank take action against a regulated company?
• The matter of Paytm Payments Bank is individual. In this case there is no need to worry about the payments system.
• RBI always emphasizes on bilateral activity with companies coming under the purview of regulation. We try to ensure that companies take the right steps.
• Whenever any bank or NBFC does not take proper steps related to regulation, we impose business related restrictions on them.
• Being a responsible regulator, we take steps keeping in mind the stability of the system, protection of interests of depositors and customers.
• RBI will address people's concerns regarding the action taken regarding Paytm. A FAQ's will be issued regarding this next week.