RBI Governor Das say no review of action taken against Paytm Payments Bank

Das was speaking to the media following the conclusion of the meeting of the RBI's central board of directors.

Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the central bank will not review the actions it has taken against Paytm Payments Bank.

"Let me be very clear that there is no review of the action taken against Paytm Payments Bank. The FAQ will deal with customer interest issues," the RBI chief said in New Delhi on February 12.

Das was speaking to the media after the meeting of the RBI's central board of directors in the Capital, that was addressed by Finance Minister Nirmala Sitharaman.

"When a decision is taken, it is taken after much consideration and deliberation. Decisions are not taken in a casual manner. They are taken in a serious manner," Das further added.

Paytm has been under tremendous pressure after the RBI on January 31 directed its payments bank to stop accepting fresh deposits and making credit transactions after February 29. Paytm Payments Bank has also been barred from accepting top-ups in any customer accounts, including prepaid instruments, wallets, FASTags and NCMC cards. The RBI said it was taking action against Paytm Payments Bank after the Comprehensive System Audit and compliance validation report of the external auditors revealed "persistent non-compliance and continued material supervisory concerns in the bank, warranting further supervisory action".

Following numerous queries on the repurcussions of the RBI's actions, Das said on February 8 at the post-monetary policy press briefing that the central bank will release a set of FAQs this week.

"Please wait for that. But, whatever action we take in general, it is only after months and sometimes even years of talks before that," the governor said today on February 12.

Speaking more broadly on fintech, the governor said RBI has always been supportive of the sector and wants it to grow as much as possible.

"RBI promotes and will continue to promote fintech. But customer interest and financial stability is of prime importance," he said.