Will Paytm wallet users face disruption? What RBI governor Shaktikanta Das said

RBI governor Shaktikanta Das said that as many as 80-85% Paytm wallet users will not face any disruption because of regulatory actions taken by the central bank against the company.


Remaining users have been advised to link their apps to other banks, he said, after RBI on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions or top-ups in customer accounts. The deadline for the same has been fixed for March 15 but no further extension will be given, the governor said. 


Shaktikanta Das also said that the RBI is in support of innovation in the financial sector and touted Sandbox for testing new tools.


"RBI is and remains fully supportive of Fintech...RBI is all for Fintech to grow," he said. With an analogy, the RBI Governor explained that one may own and drive a Ferrari but still one has to obey the traffic rules in order to avoid accidents. On when National Payments Corporation of India (NPCI) will take a decision on the Paytm payment app licence, he said it has to do its internal due diligence.


"So far, as RBI is concerned, we have informed them that we have no objection if NPCI considers the Paytm payment app to continue because our action was against the Paytm payment bank. The app is with the NPCI...NPCI will take a call...I think they should be taking a call shortly," he said.


On growth in the economy, Shaktikanta Das said, "Our sense and understanding of the high-frequency indicators and the momentum of economic activity tells us that 5.9% growth in the fourth quarter could be exceeded. And when that happens, obviously, the annual growth will be more than 7.6%. There is quite a good chance of the GDP number for the current year being very close to 8%."

























































































































You must be logged in to post a comment.

About Author

Journey of Karan Patil: A BiographyIn this comprehensive biography, we delve into the remarkable life of Karan Patil. From his humble beginnings to his rise as a renowned figure, this narrative encapsulates the essence of Karan Patil's journey.Early Life and EducationKaran Patil, born on [insert date], in [insert place], embarked on his journey amidst modest beginnings. Raised in a close-knit family, Karan exhibited a penchant for [mention any early interests or talents]. His early years laid the foundation for his future endeavors. Despite facing various challenges, Karan remained determined to carve his path in the world.Career BeginningsKaran Patil's foray into the professional realm commenced with [mention his first significant career step or achievement]. This marked the inception of a remarkable career trajectory that would unfold in the years to come. As Karan navigated through the intricacies of his chosen field, he demonstrated unwavering commitment and a thirst for knowledge.Rise to ProminenceThe turning point in Karan Patil's career came with [mention a significant milestone or achievement that propelled him into the spotlight]. This marked the beginning of his ascent to prominence in [mention relevant industry or field]. Karan's dedication and innovation set him apart, earning him recognition and accolades within the industry.Professional AchievementsOver the years, Karan Patil has amassed an impressive array of achievements. From [mention notable projects, awards, or contributions], his professional journey is punctuated with milestones that underscore his talent

Recent Articles
Apr 14, 2024, 3:53 PM John Carlo Rabanes
Apr 14, 2024, 3:52 PM Hicham
Apr 14, 2024, 3:51 PM Batiancila, Sara S.
Apr 14, 2024, 3:50 PM Batiancila, Sara S.