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Paytm restrictions imposed after thorough consideration, no roll back: RBI Governor
Photo Courtesy: Wikimedia Commons

Paytm restrictions imposed after thorough consideration, no roll back: RBI Governor

| @indiablooms | 15 Feb 2024, 01:04 am

Mumbai: The RBI restrictions on Paytm have been imposed after thorough consideration as is the case in all the decisions made by the Central bank, RBI Governor Shaktikanta Das has said, reported media.

Responding to queries about whether the Central bank would reconsider its decision regarding Paytm Payments Bank, Das firmly stated that there would be no review of the decision, according to media reports.

Das made the remarks during the 606th meeting of the Central Board of Directors of the Reserve Bank of India on February 12 in New Delhi.

Das maintained that RBI actions follow after careful deliberations over a considerable period whether it's a bank, payment bank, NBFC, cooperative bank, or any other entity.

He underscored that it wasn’t Paytm, specifically, but in general, if the regulator doesn’t find that the entity in question hadn’t taken effective measures towards compliance, it initiates necessary actions.

An FAQ answering all the queries and problems faced by the customers would be released this week, Das said, urging them to wait until then.

He underscored that RBI allowed the Paytm Payments Bank a month’s time to ensure that the customers and depositors don’t face any inconvenience.

On February 9, the Board of One 97 Communications Limited, the parent company of Paytm, announced a Group Advisory Committee would be set up, headed by former SEBI Chairman M Damodaran.

It is tasked with working with the Board to enhance compliance and address regulatory concerns.

In an official statement, the company noted that the Committee comprises experienced professionals such as MM Chitale, former president of the Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of Banking Codes and Standards Board of India, appointed by the RBI.

The management of the company reaffirmed its commitment to driving sustainable business growth while ensuring adherence to regulatory and compliance standards.

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