The decision against Paytm Payments Bank will not be changed, Governor Shaktikanta Das maintains his firm stance

Shakti Kanta Das: Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday clarified that the action taken against Paytm Payments Bank will not be reviewed. The RBI Governor said that we have always taken a cooperative stance in the fintech sector. RBI will continue to promote fintech. However, violation of the rules will not be tolerated.

The central bank will issue a general questionnaire in this regard.

Shaktikanta Das said there are no plans to review the decision taken against Paytm Payments Bank. Talking to the media, he said that I want to make it clear that this decision has been taken in the interest of consumers. In a few days, the Central Bank will issue FAQs (Frequently Asked Questions) in this regard. You all will have to wait for that. We have decided after discussing it for months. Sometimes the RBI talks for years before taking such decisions.

RBI’s priority is the interests of consumers.

RBI Governor Das said that our attitude towards fintech is clear. We want their number to increase in the country. The sector should also develop. Fintech will always have support from RBI. But the interests of consumers and the financial stability of these companies will remain our priority. On January 31, RBI banned Paytm Payments Bank from taking deposits and top-ups. This decision will be effective from February 29. Due to this tough decision, the bank will have to close its operations after February 29.

Director Manju Aggarwal resigned from the board.

Manju Agarwal resigned on February 1, One 97 Communications said in its regulatory filing. It has been approved by the board of Paytm Payments Bank on February 6. The company said the decision will not affect its business. Manju Agarwal’s resignation comes at a time when Paytm Payments is facing an RBI ban.

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Shakti Kant Das ) Governor Shakti Kant Das

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