RBI Extends Deadline for Paytm Payments Bank: Deadline is 15th March

RBI’s deputy governor, Swaminathan J, emphasized that such actions are preceded by months of engagement with the concerned entities. Regulated entities are given ample time to rectify issues, ensuring consumer protection and financial system stability. RBI Governor Shaktikanta Das reassured the public that the issue was specific to an institution and did not pose a systemic risk.

Governor Das underscored the regulatory framework’s sufficiency and emphasized compliance with established parameters. While details were not disclosed, he asserted that the imposed restrictions aligned with the situation’s gravity and were necessary for responsible regulation. He urged individual entities to consider the long-term repercussions of their actions.

Das highlighted the RBI’s approach of constructive engagement with regulated entities, aiming to facilitate corrective actions. However, if such efforts prove ineffective, regulatory intervention becomes imperative. He reiterated the RBI’s commitment to fostering innovation and technology within the financial system.

Meanwhile, One97 Communications Limited, the parent company of Paytm, has established a group advisory committee. Chaired by former SEBI Chairman M. Damodaran, the committee comprises seasoned professionals like M.M. Chitale and R. Ramachandran. Their mandate includes bolstering compliance and regulatory adherence. The company’s management reaffirmed its dedication to sustainable growth within the regulatory framework.

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