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RBI rules out review of action against Paytm Payments Bank, to issue FAQ to address customers’ concerns


Image Source : PTI RBI Governor Shaktikanta Das

New Delhi: Reserve Bank of India (RBI)  Governor Shaktikanta Das on Monday ruled out any review of the central bank’s action against Paytm Payments Bank (PPBL), stating that the decision was made following a comprehensive assessment. He further said that RBI is not against any fintech but its prime objective is to protect the interest of customers and depositors.

Addressing a press conference after the 606th meeting of the Central Board of Directors of the Reserve Bank of India(RBI), Das said, “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.” 

On January 31, RBI took significant action against Paytm Payments Bank (PPBL), instructing the bank to cease accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29.

RBI to issue FAQ on Paytm Payments Bank 

To assist customers facing various issues with the troubled Paytm Payments Bank Ltd (PPBL), the Reserve Bank will release a set of Frequently Asked Questions (FAQs) later this week.

 RBI Governor said, “Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer interest and depositors interest is uppermost for us.”

Asked if the deadline of February 29 would be extended, Das said, “Wait for the FAQ. Don’t expect a review of RBI’s decision in FAQ. FAQ will address issues related with depositors, customers, wallet users, FASTag holders. Whatever is in the customers’ interest that we are dealing in FAQ.”

Earlier in the day, Finance Minister Nirmala Sitharaman addressed RBI’s central board of directors. During the meeting, the Finance Minister highlighted the key thrust areas outlined in the interim Union Budget 2024-25 and the expectations from the financial sector. The directors complimented the Finance Minister on the Budget and shared their views.

The Board also reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility.

(With PTI inputs)

Also Read: Can you use Paytm wallet after February 29? All you need to know about it

Also Read: Govt examining foreign direct investment flow from China in Paytm Payments Services: Sources





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