Highlights

  • Directives apply to all entities, not solely Paytm: RBI Guv
  • Gave enough time to to comply with regulations: RBI Guv
  • RBI will provide FAQs in the coming days on Paytm crisis: RBI Guv

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Paytm crisis: Sufficient time given to comply, says RBI Governor Shaktikanta Das

If everything had been complied with, why should RBI act against a regulated entity, asks RBI Guv Shaktikanta Das, without naming Paytm

Paytm crisis: Sufficient time given to comply, says RBI Governor Shaktikanta Das

RBI Governor, Shri Shaktikanta Das, addressed the media following the Monetary Policy Press Conference, highlighting seven key points concerning fintech advisory.

RBI on Paytm Crisis

While speaking on Paytm crisis, Governor, Shri Shaktikanta Das said if everything had been complied with, why should RBI act against a regulated entity, without naming Paytm.

Das also said action on Paytm driven by "lack of compliance" to regulations. Das also stressed the importance of giving entities sufficient time to comply, while also warning of business restrictions for non-compliance, underscoring the gravity of the situation and prioritizing customer interests.

RBI will be issuing a set of FAQs (frequently asked questions) next week to assuage public concerns following the Paytm action, Das said.

He further said that these directives apply to all entities, not solely Paytm. Additionally, the Governor affirmed RBI's continuous support for the tech and fintech sectors.

RBI Deputy Governor Swaminathan J. also said action against Paytm for "persisted non-compliance", adequate time was given for corrective actions.

RBI's restriction on Paytm

Last week, the RBI ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.

Also Read: RBI credit policy: Monetary policy committee keeps repo rate unchanged for 6th time

Paytm shares tank over 9%

Shares of One97 Communications Ltd, which owns Paytm brand, fell over 9 per cent on Thursday morning, after a two-day rally in the stock fizzled out. Despite a firm beginning, the stock tanked 9.41 per cent to Rs 450 on the BSE.

At the NSE, it plunged 9.31 per cent to Rs 450.

Shares of One97 Communications Ltd climbed 10 per cent on Wednesday and had rebounded over 3 per cent on Tuesday after three days of sharp fall.

From February 1-5 (three days of trading), the company's stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the Reserve Ban of India's crackdown.

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