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We give all enough time to comply: Das on Paytm
Mint Mumbai
|February 09, 2024
The central bank on Thursday said it imposed restrictions on Paytm Payments Bank because of persistent noncompliance, insisting that it resorted to such measures only after prolonged engagement with the entities involved.
At the central bank's monetary policy briefing on Thursday, RBI governor Shaktikanta Das and his deputies faced several questions regarding the restrictions on Paytm Payments Bank, an associate company of One97 Communications Ltd.
Their responses were largely accompanied by a disclaimer that such decisions were applicable to all regulated entities, not specifically to Paytm Payments Bank.
"We give sufficient time to every regulated entity that is supervised by RBI to comply with the regulatory requirements... if everything had been complied with, why should we act?" Das said.
He emphasised that RBI supports innovation and technology in the financial sector.
This story is from the February 09, 2024 edition of Mint Mumbai.
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