business news : ‘There is no scope for review of the action taken against Paytm’

The Governor of Reserve Bank of India has given his reaction on the action taken on Paytm. Governor Shaktikanta Das said India has played a leading role in promoting digital public infrastructure. Speaking on the action taken against Paytm, he said that action will be taken against regulated entities only after a comprehensive assessment. He said that there is no scope for review of the action taken against Paytm Payment Bank. RBI Governor Shaktikanta Das said, we will issue a FAQ this week. I request you all to wait till it is released.

Decision on action taken after proper deliberation and process
The decisions taken by the Reserve Bank, be it a bank, a payment bank or a co-operative bank, are taken after due deliberations and procedures. RBI Governor said that not only Paytm, when we take action against anyone, in general, we negotiate for months and years. In such a situation there is hardly any room for review.

One month’s time given to avoid inconvenience to customers: RBI
Use of the word review is not appropriate. Our priority is that customers should not face any inconvenience, so we have given a time of one month. The action was taken on 31 January. One month time (till 29th February) has been given as customer interest is paramount. Let us tell you that on Monday morning, Finance Minister Nirmala Sitharaman held a meeting with the Central Board of the Reserve Bank of India in Delhi. Central Bank Governor Shaktikanta Das was also present in this meeting.