Reserve Bank Governor Shaktikanta Das said that 80-85 percent of users using Paytm wallet will not face any disruption due to regulatory action.
Reserve Bank of India Governor Shaktikanta Das on Wednesday said that 80-85 percent of users using Paytm wallet will not face any disruption due to regulatory action. The remaining users have been advised to link their app to other banks. The Reserve Bank on January 31 barred Paytm Payments Bank Limited (PPBL) from accepting deposits or ‘top-up’ any customer account. Das said that the deadline for linking the wallet linked to Paytm Payments Bank with other banks has been fixed as March 15.
March 15 deadline will not be extended
He ruled out the possibility of extending the deadline. He said that the time given till March 15 is sufficient and there is no need to extend it further. He said that 80-85 percent of Paytm wallets are linked to other banks and the remaining 15 percent have been advised to link to other banks. Das said that RBI has taken action against PPBL, an entity which comes under its regulation. There is nothing against financial technology companies in this.
Reserve Bank is in support of fintech companies
He said that on the contrary, RBI supports innovation in the financial technology sector and has come up with a ‘sandbox’ (‘live’ testing of products in a limited scope) system for testing new products. In an exclusive conversation with a news channel, he said, “RBI fully supports fintech (financial technology companies) and will continue to do so… RBI is fully prepared for the development of fintech.” Giving an example, he said that. A person can own and drive a Ferrari, but he still has to follow traffic rules to avoid accidents.
NPCI has to take decision on Paytm app.
When asked when the National Payments Corporation of India (NPCI) will take a decision on Paytm payment app license, Das said that steps in this regard have to be taken only after internal investigation. Das said, “As far as RBI is concerned, we have informed them that we have no objection if NPCI considers continuing with Paytm payment app because our action was against Paytm Payment Bank. The app is with NPCI…NPCI will consider it…I think they should take a decision on this soon.”
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