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Will Paytm wallet users face disruption? What RBI governor Shaktikanta Das said
Paytm Crisis: The deadline has been fixed for March 15 but no further extension will be given, RBI governor Shaktikanta Das said.
RBI governor Shaktikanta Das said that as many as 80-85% Paytm wallet users will not face any disruption because of regulatory actions taken by the central bank against the company. Remaining users have been advised to link their apps to other banks, he said, after RBI on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions or top-ups in customer accounts. The deadline for the same has been fixed for March 15 but no further extension will be given, the governor said.
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Shaktikanta Das also said that the RBI is in support of innovation in the financial sector and touted Sandbox for testing new tools.
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"RBI is and remains fully supportive of Fintech...RBI is all for Fintech to grow," he said. With an analogy, the RBI Governor explained that one may own and drive a Ferrari but still one has to obey the traffic rules in order to avoid accidents. On when National Payments Corporation of India (NPCI) will take a decision on the Paytm payment app licence, he said it has to do its internal due diligence.
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"So far, as RBI is concerned, we have informed them that we have no objection if NPCI considers the Paytm payment app to continue because our action was against the Paytm payment bank. The app is with the NPCI...NPCI will take a call...I think they should be taking a call shortly," he said.
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On growth in the economy, Shaktikanta Das said, “Our sense and understanding of the high-frequency indicators and the momentum of economic activity tells us that 5.9% growth in the fourth quarter could be exceeded. And when that happens, obviously, the annual growth will be more than 7.6%. There is quite a good chance of the GDP number for the current year being very close to 8%.”
