Axis Bank open to collaboration with Paytm pending RBI approval: Axis Bank CEO

Axis Bank's MD & CEO Amitabh Chaudhry, expressed the bank's willingness to collaborate with Paytm pending regulatory approval from the RBI.

Speaking at the launch of Axis Bank’s '2023 Burgundy Private Hurun India 500', which lists the country's 500 most valuable firms, Chaudhry emphasized Paytm's importance in the fintech industry.

He said that the bank would work with Paytm if the regulator allows.

On January 30th, RBI took stringent action, halting Paytm Payments Bank from accepting new deposits or top ups from February 29, 2024, due to persistent non-compliance including major irregularities in KYC.

RBI on Paytm

Reserve Bank of India Governor Shaktikanta Das on Monday said there was "hardly any room" to review the action taken against Paytm Payments Bank.

Also read/watch - Government sets up panel to examine FDI inflow from China into Paytm Payments Services

In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.

Talking to reporters in the national capital on Monday, Das said there was "hardly any room" to review the action taken against Paytm Payments Bank.

He also said that RBI takes action against regulated entities only after a comprehensive assessment.

While emphasising that RBI is supportive of the fintech sector, Das said it is also committed to protect the interest of customers as well as ensure financial stability.

The central bank is expected to soon issue a set of FAQs (Frequently Asked Questions) on the Paytm matter.