Paytm Crisis: RBI Governor Shaktikanta Das stated that although a deadline of March 15 has been set, there would be no more extensions.
Up to 80–85% of Paytm wallet customers won’t see any disruptions as a result of the regulatory steps the central bank has taken against the business, according to RBI governor Shaktikanta Das. He stated that after RBI’s decision on January 31 to prohibit Paytm Payments Bank Ltd (PPBL) from taking deposits, credit transactions, or top-ups in customer accounts, the remaining customers have been instructed to link their applications to other banks. The governor stated that there would be no more extensions and that the deadline for the same has been set on March 15.
Additionally, Shaktikanta Das mentioned Sandbox as a platform for testing new technologies and stated that the RBI supports innovation in the financial industry.
“RBI is and remains fully supportive of Fintech…RBI is all for Fintech to grow,” he stated. The RBI Governor clarified with an analogy that even if someone drives and owns a Ferrari, they still need to follow traffic laws to prevent collisions. He stated that the National Payments Corporation of India (NPCI) must do internal due diligence before making a judgment about the Paytm payment app license.
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“Our sense and understanding of the high-frequency indicators and the momentum of economic activity tells us that 5.9% growth in the fourth quarter could be exceeded,” stated Shaktikanta Das in reference to the state of the economy. It goes without saying that the yearly growth rate will exceed 7.6% at that point. The GDP figure for the current year is probably going to be quite near to 8%.
As far as the RBI is concerned, we have told them that because our action was directed against the Paytm payment bank, we do not object if NPCI decides to keep the Paytm payment app operational. The NPCI has the app; they will answer calls.I believe they ought to start receiving calls soon,” he remarked.
