Reserve Bank of India (RBI) Governor Shaktikanta Das, on Monday, ruled out any possibility of a review in the action initiated against Paytm Payments Bank (PPBL).
RBI, on January 31, directed PPBL, an associate of One 97 Communications Limited, to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.
Talking to reporters on Monday, Das noted that when RBI initiates any action, it happens after much deliberation, and hence there is hardly any room for review.
"The decisions taken by the Reserve Bank are taken after due thought process, be it a bank, payment bank or cooperative bank. If we are taking action against somebody, not specifically talking about Paytm, but in general, we interact for months and years. There is hardly any room for review," he said.
He said the priority of the regulator is to ensure that customers should not face any inconvenience because of the action initiated against PPBL and so RBI has given it time till February 29. “The action was taken on January 31. Time of one month is given because customer interest is uppermost," Das added.
While emphasising that RBI is supportive of the fintech sector, Das said it is also committed to protecting the interest of customers as well as ensuring financial stability.
RBI is expected to soon issue a set of FAQs (frequently asked questions) on the Paytm matter.
