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'RBI expected to clarify on Paytm Payments Bank issue'
Mint Mumbai
|February 07, 2024
Start-ups should realize that the law needs to be followed as they grow: financial services secy
₹98,000 cr PSU banks profits by Dec FY23
₹70,000 cr PSU banks profits by Dec FY22
The Reserve Bank of India (RBI) may issue further clarifications on the matter of Paytm Payments Bank’s non-compliance with regulations that has shaken customer confidence in the entire app-based payment banking and fintech segment, a senior government official said.
Vivek Joshi, secretary, department of financial services said that though the finance ministry has not sought any report on the matter, it expects the central bank to issue further clarifications over its action against Paytm Payments Bank in order to calm concerns.
The RBI has barred fresh deposits and top-ups by Paytm Payments Bank with effect from 29 February, citing large-scale non-compliance of regulations and supervisory concerns.
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