RBI Governor's big statement, 85% Paytm wallet users will not face any problem

Reserve Bank of India Governor Shaktikanta Das on Wednesday said 80-85 per cent of users using Paytm wallet will not face any disruption due to the regulatory action. Rest of the users have been advised to link their app with other banks. 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.

March 15 deadline will not be extended

He ruled out the possibility of extending the deadline. 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. Das said the RBI has taken action against PPBL, an entity under its regulation. There is nothing against financial technology companies in this.

Reserve Bank is in support of fintech companies

He said that on the contrary, RBI supports innovation in the financial technology sector and has come up with a 'sandbox' system for testing new products. In an exclusive conversation with a news channel, he said, “RBI fully supports Fintech (financial technology companies) and will continue to do so… RBI is fully prepared for the development of Fintech.” Giving an example he said that. A person can own and drive a Ferrari, but he still has to follow traffic rules to avoid accidents.

NPCI has to take the decision on Paytm app.

When asked when the National Payments Corporation of India (NPCI) will take a decision on Paytm payment app license, Das said that the step in this regard has to be taken only after internal investigation. Das said, “As far as RBI is concerned, we have informed them that we have no objection if NPCI considers the continuation of Paytm payments app because our action was against Paytm Payments Bank. The app is with NPCI…NPCI will consider it…I think they should take a decision on it soon.