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‘No review on the cards for Paytm Payments Bank curbs’

RBI Governor Shaktikanta Das
| Photo Credit: ANI

Dismissing the prospects for a review of the decision to impose curbs on Paytm Payments Bank’s operations after February 29, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday that the banking regulator takes such decisions after serious consideration and in public interest, not in a casual manner.

Speaking after a meeting of the RBI’s central board, that was also addressed by Finance Minister Nirmala Sitharaman on the key priorities of the Interim Budget for 2024-25, Mr. Das stressed that protecting customers and maintaining financial stability are prime considerations for the central bank’s actions.

Mr. Das reiterated that the central bank will issue an FAQ (Frequently Asked Questions) document this week to allay concerns of the payment bank’s customers and ensure they don’t face any inconvenience owing to the curbs. Last month, the RBI had directed the payments bank to cease taking fresh deposits and a few other key operations after February 29, citing “persistent non-compliances and continued material supervisory concerns in the bank.”

“We take all decisions after a lot of consideration and analysis. It’s not as if we decide today and start reviewing it tomorrow,” the Governor said, indicating that a review of the curbs on the entity is not on the table. “Decisions are not taken in a casual manner. These decisions are taken in the most serious manner in public interest.”

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