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Govt Has Nothing To Do With RBI’s Action On Paytm Payments Bank: Financial Services Secy

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Govt Has Nothing To Do With RBI’s Action On Paytm Payments Bank: Financial Services Secy
  1. A senior official in the Ministry of Finance has stated that the Reserve Bank of India’s (RBI’s) actions against Paytm Payments Bank are in the interest of consumers and the Indian economy.
  2. Financial services secretary Vivek Joshi emphasized that the RBI’s crackdown on Paytm Payments Bank is within its jurisdiction and must be resolved at the central bank’s level.
  3. According to Joshi, the government has not intervened in the matter thus far, indicating that it is being handled by the RBI independently.
  4. The RBI recently barred Paytm Payments Bank from offering any banking services after February 29, signaling regulatory concerns with the bank’s operations.
SourceINC 42

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