HomeNewsBusinessGoogle Pay, Phone Pe two ‘ticking’ time bombs, says LS member Supriya Sule

Google Pay, Phone Pe two ‘ticking’ time bombs, says LS member Supriya Sule

The Reserve Bank of India (RBI) last month directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.

February 09, 2024 / 20:15 IST
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The RBI said persistent non-compliance by Paytm with regulatory guidelines despite nudges over a period of time ultimately led to stern action against the fintech.
The RBI said persistent non-compliance by Paytm with regulatory guidelines despite nudges over a period of time ultimately led to stern action against the fintech.

NCP MP Supriya Sule on Friday alleged that apps like Google Pay and Phone Pe are “two ticking time bombs” and sought to know what steps the government is taking to check money laundering.

Participating in a discussion on ‘The White Paper on Indian economy’ in Lok Sabha, Sule said whatever happened in Paytm Payments Bank Ltd (PPBL) is “very alarming” and is almost like money laundering.

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The Reserve Bank of India (RBI) last month directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.

The RBI said persistent non-compliance by Paytm with regulatory guidelines despite nudges over a period of time ultimately led to stern action against the fintech.