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RBI on Paytm: Reserve Bank of India has given big relief to Paytm users. If you are also a Paytm user then you will not have to face much trouble after March 15. 85 percent of the customers using the wallet can easily use it even after March 15.
Reserve Bank of India Governor Shaktikanta Das on Wednesday said 80-85 per cent of users using Paytm wallet will not face any problems due to the regulatory action. At the same time, the remaining users have been advised to link their app with other banks.
Add accounts in other banks till March 15
The Reserve Bank on January 31 had barred Paytm Payments Bank Ltd (PPBL) from accepting deposits or 'top-up' any customer account. Das said that the deadline for linking the wallets linked to Paytm Payments Bank with other banks has been fixed as March 15. He has ruled out the possibility of extending the deadline.
80 to 85 percent customers are associated with other banks
He said that the time given till March 15 is sufficient and there is no need to extend it further. He said that 80-85 percent of Paytm wallets are linked to other banks and the remaining 15 percent have been advised to be linked to other banks.
RBI supports fintech companies
In a special conversation with a news channel, he said that RBI gives full support to fintech companies and will continue to do so… RBI is fully prepared for the development of fintech. Giving an example, he said that a person has a Ferrari car. He may own it and drive it, but he still has to follow traffic rules to avoid accidents.
When asked when will National Payments Corporation of India (NPCI) take a decision on Paytm payment app license? Das said that action in this regard has to be taken only after internal investigation.
NPCI will decide
Das has said that as far as RBI is concerned, we have informed them that we have no objection if NPCI considers continuing with Paytm Payment App because our action was against Paytm Payment Bank. The app is with NPCI…NPCI will consider it…I think they should take a decision on it soon.
RBI Governor spoke on economic growth
Regarding economic growth, he has said that on the basis of GST collection, electricity consumption, PMI etc., we believe that the economic growth will cross 5.9 percent in the fourth quarter. Das said and when this happens, the annual growth rate will definitely be more than 7.6 percent. There is a strong possibility that the GDP figure in the current year will be around eight percent.
He also said that in the recent monetary policy review, the growth rate for the next financial year has been estimated at seven percent. Regarding inflation, Das said that according to the recent data, inflation has been 5.1 percent, which is 1.10 percent more than the target of four percent. He said that although the trend of inflation is towards moderation and RBI is now focusing on the target of bringing inflation below four percent on a permanent basis.
