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'Hardly Any Room' for Reviewing Action Against Paytm Payments Bank: RBI Gov Das
OutlookIndia
·
1y ago
Medial
The Reserve Bank of India (RBI) Governor, Shaktikant Das, has stated that there is "hardly any room" for reviewing the action taken against Paytm Payments Bank (PPBL). Das emphasized that the RBI takes decisions after careful consideration and analysis. The RBI recently directed PPBL to stop onboarding new customers and accepting payments in customers' wallets, FASTags, and credit offerings. The central bank has also prohibited PPBL from taking deposits or credit transactions after February 29. PPBL faces strict action due to non-compliance and ongoing supervisory concerns.
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RBI Governor Says ‘Hardly Any Room’ To Review Action On Paytm Payments Bank
Inc42
·
1y ago
Medial
RBI Governor Shaktikanta Das stated that there is "hardly any room" to reconsider the action taken against Paytm Payments Bank after the recent regulatory restrictions imposed by the Reserve Bank of India (RBI). He emphasized that the central bank gives sufficient time for regulated entities to rectify any shortcomings before taking action. The RBI had provided Paytm Payments Bank with one month to ensure minimal inconvenience for customers. FAQs on the matter will be released later this week.
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Hardly any room for review of action taken against Paytm Payments Bank: RBI Guv Das
Economic Times
·
1y ago
Medial
Reserve Bank of India (RBI) governor Shaktikanta Das stated that there is hardly any room for a review of the action taken against Paytm Payments Bank. RBI had curbed the banking unit's operations due to persistent non-compliance. Das emphasized that the central bank takes action only after a comprehensive assessment and will be issuing a set of FAQs on the matter. The RBI is considering revoking the bank's license and suitable steps will be taken to minimize customer inconvenience. Paytm recently formed a committee to boost compliance, headed by former SEBI head Meleveetil Damodaran.
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ED Initiates Investigation Against Paytm Payments Bank: Report
OutlookIndia
·
1y ago
Medial
The Enforcement Directorate (ED) has started an inquiry against Paytm Payments Bank (PPBL) for alleged violation of the Foreign Exchange Management Act (FEMA). The ED sought additional information from the Reserve Bank of India after the central bank informed them of the possible violation. Earlier, Paytm denied any investigation involving its founder or the company, stating that it operates in compliance with regulatory guidance. RBI Governor, Shaktikanta Das, ruled out the possibility of reviewing RBI's order to stop PPBL's operations.
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No review of action against Paytm Payments Bank: RBI gov Shaktikanta Das
Livemint
·
1y ago
Medial
Reserve Bank of India (RBI) Governor Shaktikanta Das has stated that there will be no review of the central bank's action against Paytm Payments Bank Ltd. The RBI had directed the bank to stop accepting deposits or top-ups in customer accounts, wallets, and other instruments, citing non-compliance of regulations and supervisory concerns. Das emphasized that decisions against regulated entities are made after careful analysis and assessment. The RBI is expected to issue FAQs on the Paytm matter, focusing on customer and depositor interests. Das also expressed confidence in achieving the projected 7% GDP growth for FY25.
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No review of action taken against Paytm Payments Bank: RBI Guv
Inshorts
·
1y ago
Medial
RBI Governor Shaktikanta Das on Monday said the central bank is currently not planning to review its action taken against Paytm Payments Bank. The central bank will release an FAQ this week, which will address the customer interest issues related to the matter, he stated. "The decisions taken by RBI are taken after due thought process," he added.
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85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv
Economic Times
·
1y ago
Medial
RBI Governor Shaktikanta Das has stated that around 80-85% of Paytm wallet users will not face any disruption due to recent regulatory actions. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Ltd (PPBL) from certain activities and set a deadline of March 15 for users to link their wallets to other banks. The governor emphasized that the RBI supports innovation in the fintech sector and clarified that the regulatory action was directed at PPBL, not fintech companies in general. The National Payments Corporation of India (NPCI) is expected to make a decision on the Paytm payment app license soon. Das also expressed optimism about India's economic growth surpassing the projected figures.
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Nearly 85% Paytm App Users Won’t Be Impacted By Curbs On PPBL: RBI Guv
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) governor, Shaktikanta Das, has stated that the recent restrictions imposed on Paytm Payments Bank Ltd (PPBL) will not affect around 80-85% of Paytm's app users. He explained that most Paytm users have their transactions linked with other banks, so they will not be impacted by the regulatory action. The challenge lies in migrating the remaining 10-15% of PPBL users to other banks before the March 15 deadline. Das also emphasized that the RBI's action is against a regulated entity and not against the fintech ecosystem as a whole.
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No Foreign Remittance License, So No Question Of Forex Laws Breach: Paytm Payments Bank To ED
Inc42
·
1y ago
Medial
Paytm Payments Bank has informed the Enforcement Directorate (ED) that it does not have the necessary license for outward foreign remittances. The ED has reached out to the Reserve Bank of India (RBI) to verify this statement. The ED is investigating alleged breaches of the Foreign Exchange Management Act (FEMA) involving entities using Paytm Payments Bank. However, after reviewing the data provided by the RBI, the ED has not found any evidence of FEMA violations by Paytm. The RBI has also instructed the National Payments Corporation of India (NPCI) to examine Paytm's request to become a third-party application provider for UPI payments.
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FIU, ED Seek Report From RBI On Paytm
OutlookIndia
·
1y ago
Medial
The Enforcement Directorate (ED) and the Financial Intelligence Unit (FIU) have requested the Reserve Bank of India (RBI) to share a report on the recent action taken against Paytm Payments Bank Ltd. The ED is looking to analyze if a probe needs to be initiated, while the FIU wants to assess if Paytm followed the required procedures under the Prevention of Money Laundering Act. The RBI had barred Paytm Payments Bank from accepting customer deposits or top-ups, but Paytm denies any wrongdoing and claims they are not under investigation for money laundering or foreign exchange violations.
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Paytm shares hit fresh record low, down 24% this week alone
Economic Times
·
1y ago
Medial
Shares of Paytm, the fintech company, fell to a new record low of Rs 318.05 on NSE, losing about 24% of its market value in a week. The RBI ban on Paytm Payments Bank has impacted the company's business, and the road tolling authority has advised users to buy FASTags from authorized banks excluding Paytm Payments Bank. The Enforcement Directorate has initiated an inquiry against Paytm Payments Bank. RBI Governor Shaktikanta Das stated that there will be no review of the decision on Paytm Payments Bank. Experts suggest retail investors stay away from the stock until regulatory hurdles are resolved. Macquarie predicts the stock could slump to Rs 275.
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