RBI Governor Shaktikanta Das highlighted the regulatory action against Paytm Payments Bank, emphasizing the gravity of the violation and the central bank’s commitment to compliance and innovation. The decision followed unsuccessful bilateral engagements aimed at corrective measures. The RBI’s proactive approach reflects its dedication to maintaining financial system integrity while supporting fintech innovation.
The RBI’s crackdown on PPBL culminated in a series of directives issued in early 2024, following a detailed audit that uncovered a range of compliance failures. Notably, the central bank’s decision to bar PPBL from accepting new deposits or top-ups in customer accounts, prepaid instruments, wallets, and FASTags was slated to take effect after February […]
