Review Order Banning Paytm Bank Services, Founders Urge Govt

In a In a concerted effort to adLdress concerns regarding the recent regulatory directive impacting Paytm Payments Bank (PPBL), a group of prominent startup founders has penned a letter to key governmental bodies, including the Prime Minister, the Finance Minister, and the Reserve Bank of India (RBI).

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The missive, endorsed by a dozen entrepreneurs representing various sectors, underscores the need for a comprehensive review of the directive issued to PPBL, which mandates the cessation of major banking services by February 29.

Among the notable signatories are Yashish Dahiya of Policy Bazaar, Deepak Shenoy of Capital Mind, Murugavel Janakiraman of Bharat Matrimony, Rajesh Magow of MakeMyTrip, and Ritesh Malik of Innov 8, among others. The letter

implores regulatory authorities to engage in constructive dialogue with the fintech industry and reconsider the stringent measures imposed on PPBL.

Specifically, the founders urge the government to allow a reasonable timeframe for PPBL to address identified deficiencies and implement necessary rectifications. They argue that overly restrictive regulations not only impede financial inclusion but also pose a threat to India's economic development and global competitiveness. implores regulatory authorities to engage in constructive dialogue with the fintech industry and reconsider the stringent measures imposed on PPBL.