The Reserve Bank of India (RBI) Governor Shaktikanta Das sought to clarify that the central bank's action against Paytm Payments Bank Limited does not suggest that the RBI is against fintech sector.
In a recent interview to ET Now television channel, he said the central bank's action was against a regulated entity and not against any fintech company.
"I fail to under why a narrative is built that RBI has acted against a fintech company. In this case (Paytm Bank), the action is against payments bank," he observed.
We have done nothing so far as fintechs are concerned, he said and affirmed that RBI is all for fintechs.
RBI had recently barred Paytm Payments Bank Limited from carrying out new transactions with customers after March 15.
He said RBI intends to ensure that there are no major accidents in the fintech sector and that the rules of the game are adhered to.
Das urged Paytm Wallet users to link their Paytm wallet with banks other than Paytm Bank.
"So far as Paytm is concerned, a large part of users—80 to 85 per cent—of Paytm payment app are linked to other banks along with Paytm Payments Bank. So they will not be impacted as their bank accounts are also linked to other bank accounts," he said in the interview.
“If you have a Paytm payments app, please link it to some other bank by March 15,” Das added.
