Paytm payments bank crisis: RBI governor says there is hardly any scope to review the move

Reserve Bank of India Governor Shaktikanta Das on Monday said there is “hardly any scope” to review the action taken against Paytm Payments Bank.

The Reserve Bank of India (RBI) took major action against Paytm Payments Bank (PPBL) on January 31, directing it to stop accepting deposits or recharges from any customer accounts, wallets, FASTTags and other instruments after February 29.

Speaking to reporters in the capital on Monday, Das said there was “hardly any scope” to review the action taken against Paytm Payments Bank.

He also said that the RBI will take action against regulated entities only after conducting a comprehensive assessment.

Das emphasized that while RBI supports the fintech industry, it is also committed to protecting the interests of customers and ensuring financial stability.

The central bank is expected to issue a set of Frequently Asked Questions on Paytm soon.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)