Latest: Regulatory action on Paytm Payments Bank, not app, clarifies RBI
The Reserve Bank of India’s (RBI’s) directive issued last month concerns Paytm Payments Bank, not the Paytm app, the banking regulator clarified in a press conference on Thursday. This was after the RBI, after a meeting of its monetary policy committee (MPC), announced the status quo on policy rates earlier in the day.
The banking regulator had last month barred Paytm Payments Bank from conducting most of its operations, including deposit-taking and fund transfers, with effect from March 1, over several instances of non-compliance and continued material supervisory concerns.
The RBI said it would next week come out with a list of frequently asked questions (FAQs) on the Paytm Payments Bank issue. “This particular action is against the payments bank, not the app. We will cl...
