Paytm Bank Payments: RBI Regarding Paytm Transfers to Bank Clients: Das underlined that the RBI supports innovation in the field of financial technology. “RBI fully supports fintech and will continue to do so,” the speaker declared.
RBI Governor On Paytm Payments Bank
There has been activity on Paytm for the last several days. Customers of Paytm are concerned about this.
To be clear, 80–85% of Paytm wallet users won’t face any difficulty as a result of the action taken against Paytm Payments Bank, according to RBI Governor Shaktikanta Das. It has also been suggested to the remaining users to connect their apps with other banks.
On January 31, the Reserve Bank of India (RBI) forbade Paytm Payments Bank Limited (PPBL) from taking any kind of payment from customers, including deposits, credit transactions, or top-ups.
According to the governor of the RBI, wallets connected to PPBL would not be allowed on other accounts. March 15 is the date that banks must be connected. According to him, the deadline of March 15 is adequate and doesn’t need to be extended.
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Eighty to eighty-five percent of Paytm wallets are connected to other banks, according to RBI Governor Shaktikanta Das, while the remaining fifteen percent of wallets have been recommended to switch banks.
He stated that the RBI has not taken any action against fintech companies, only against the regulated entity, in this case, PPBL.
Das stressed in an interview that the RBI supports innovation in the field of financial technology. “RBI fully supports fintech and will continue to do so,” the speaker declared.
RBI’s assurance of customer convenience
Deputy Governor Swaminathan J of the RBI responded to questions regarding consumer annoyance by saying that appropriate steps would be taken to minimise any disruptions. Nevertheless, no precise information regarding these actions was given.
The management of Paytm has declared that it will work with other banks to make sure that their digital payment service stays operational.
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But Swaminathan emphasized that before partnered banks entered into any agreements with Paytm, they would have to do their own due diligence.
Paytm’s shares saw a drop in response to the RBI’s remarks, going from increasing by 6% on the National Stock Exchange to 10% lower in the afternoon session.
Reserve Bank of India.
Concerns over unidentified accounts
Concerns have also been raised about hundreds of thousands of accounts at Paytm Payments Bank being opened without the required documentation.
There are rumors that Paytm’s license may be revoked as a result of the regulatory crackdown.
With 330 million digital wallet accounts, Paytm is a popular choice for a variety of financial transactions in India. Concerns regarding disruptions to digital payments have been raised by the central bank’s move to prohibit fresh deposits into Paytm Payments Bank.