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85% of Paytm wallet won't face interruptions due to regulatory actions: RBI Governor
RBI Governor Shaktikanta Das | Photo courtesy: Wikimedia Commons

85% of Paytm wallet won't face interruptions due to regulatory actions: RBI Governor

| @indiablooms | 07 Mar 2024, 01:38 am

New Delhi: Around 80-85% of Paytm wallet users will not face any interruptions due to regulatory actions, RBI Governor Shaktikanta Das stated on Wednesday.

The remaining users have been advised to connect their apps to alternative banks.

This decision comes after the Reserve Bank of India's directive on January 31, which prohibited Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.

The governor said in an interview with ET Now that the deadline for linking the wallet connected to PPBL with other banks has been set for March 15, with no possibility of further extension.

He stated that the time provided until March 15 is sufficient, and there's no requirement for additional extension. He added that 80-85% of Paytm wallets are already linked to other banks, and the remaining 15% have been encouraged to transition to alternative banks.

"RBI is and remains fully supportive of Fintech...RBI is all for Fintech to grow," he said.

He clarified that the RBI's action was directed specifically at a regulated entity, namely PPBL, and not against Fintech companies in general.

Das maintained that the RBI supports innovation in the fintech sector and has even introduced Sandbox for the testing of new tools.

He emphasised the importance of rules, saying that even when a person drives a Ferrari on the roads, they have to follow the traffic rules.

When asked about the timeline for the National Payments Corporation of India (NPCI) to make a decision about the Paytm payment app license, Das mentioned that it is incumbent upon the NPCI to conduct its internal due diligence before arriving at a decision.

"So far, as RBI is concerned, we have informed them that we have no objection if NPCI considers the Paytm payment app to continue because our action was against the Paytm payment bank. The app is with the NPCI...NPCI will take a call...I think they should be taking a call shortly," he said.

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