85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv
Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.
The deadline for linking the wallet attached with PPBL with other banks has been fixed for March 15, the governor said, ruling out any further extension.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitMITMIT Technology Leadership and InnovationVisitThe time given up to March 15 is sufficient and there is no need for further extension, he said, adding that 80-85% Paytm wallets are linked to other banks, and the remaining 15% have been advised to move on to other banks.
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He said that the RBI has taken action against a regulated entity, which in this case is PPBL and has nothing against Fintech companies.
Instead, Das stressed that the RBI favours innovation in the financial technology sector and has even introduced Sandbox for testing new tools.
«RBI is and remains fully supportive of Fintech...RBI is all for Fintech to grow,» he said in an interview with ET Now.
Giving an analogy, he said, one may own and drive a Ferrari but still one has to obey the traffic rules to avoid
