'Laws Of The Land Will Apply': Rajeev Chandrasekhar On RBI's Crackdown On Paytm Payments Bank | GBS 2024

'laws of the land will apply': rajeev chandrasekhar on rbi's crackdown on paytm payments bank | gbs 2024

‘laws of the land will apply’: rajeev chandrasekhar on rbi’s crackdown on paytm payments bank | gbs 2024

New Delhi: Rajeev Chandrasekhar, Union Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, spoke about the crackdown on Paytm Payments bank by the Reserve Bank of India (RBI) and said that the laws of the land will apply to everyone. The minister was speaking at The Global Business Summit at the Taj Hotel in Delhi on Friday.

“I don’t want to comment on what is obviously an intervention by RBI. I have only made one comment on this issue and I have said whether you are a Fintech or a startup or you are a iconic founder or whoever you are, the laws of the land apply. The regulators are the one who oversee your sector and if they decide something is wrong, you of course have the ability to appeal that, but that is the last word on it and sectoral regulators have absolute authority oversee sectoral regulator entity. So, this is the case with the RBI,” the minister said.

His remark came in the backdrop of the RBI’s crackdown against Paytm Payments Bank, restricting Paytm Payments Bank from accepting new deposits. The central bank had clarified the action stating that the crackdown was a result of the bank’s failure to comply with regulations despite repeated warnings.

What RBI Said

The RBI highlighted concerns over supervisory matters and violations of regulatory rules, according to top officials from the central bank mentioned in the report.

“Just to clarify, the action is against Paytm Payments Bank, not against the Paytm app. The app is not impacted by our action, delineating the scope of the RBI’s directive,” said the RBI Deputy Governor Swaminathan J said, in the press briefing following the Monetary Policy Committee (MPC) meeting.

RBI Deputy Governor Swaminathan added that the banks’ decision to partner with Paytm Payments Bank is a business decision, indicating the banks’ autonomy in collaborating with PPBL. The Deputy Governor emphasized that the recent actions are directed explicitly towards Paytm Payments Bank and do not impact the functionality or operations of the Paytm app.

Paytm spokesperson earlier told Times Now, “We assure our users and merchant partners that the Paytm app remains fully operational, and our services are unaffected. Paytm continues to lead in mobile payments innovation, and we are accelerating our partnerships with banks to offer uninterrupted services. We assure our merchant partners that Paytm QR, Soundbox, and card machines will continue to work as always. Our dedication to providing seamless payment solutions and promoting financial inclusion across India remains as strong as ever.”

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