RBI Governor Says ‘Hardly Any Room’ To Review Action On Paytm Payments Bank

SUMMARY

RBI Governor Shaktikanta Das reiterated that the central bank takes actions after giving enough time to the regulated entities to correct the deficiencies

Das said the central bank provided Paytm Payments Bank one-month’s time so that customers are not inconvenienced

The governor reiterated that the RBI would come out with FAQs (frequently asked questions) on the matter later this week

Amid the ongoing regulatory crisis at Paytm, following the Reserve Bank of India’s (RBI’s) fresh restrictions on Paytm Payments Bank, the central bank’s governor Shaktikanta Das on Monday (February 12) said there is “hardly any room” to review the action on the payments bank.

Addressing the media, Das reiterated that the RBI takes actions after giving enough time to the regulated entities to correct the deficiencies.

“The decisions taken by the Reserve Bank are taken after due thought process…be it a bank, payment bank or cooperative bank. If we are taking action against somebody, not specifically talking about Paytm, but in general, we interact for months and years…There is hardly any room for review,” he said. 

Das said the central bank provided Paytm Payments Bank one-month’s time so that customers are not inconvenienced. He reiterated that the RBI would come out with FAQs (frequently asked questions) on the matter later this week.

(The story will be updated soon.)