ET Commentary

Paytm crisis: RBI has sown scepticism among payment cos & it may want to reconsider its position

Paytm crisis: RBI has sown scepticism among payment cos & it may want to reconsider its position
Agencies

Synopsis

Central banks are meant to ensure that regulated entities are financially sound and operationally secure. To this end, they must be as diligent in monitoring as swift in exercising punitive action; transparent with all stakeholders, including the public; and ensure they maintain market stability at all costs. In the case of PPB, RBI may have fallen a little short.

By & , ET CONTRIBUTORS
5 mins read, Last Updated:
RBI's January 31 notification to Paytm Payments Bank (PPB) to terminate its operations - including accepting deposits, offering banking services and maintaining nodal accounts with customers - by February 29, referred to a prior release from two years ago, whereby PPB had to 'stop onboarding new customers with immediate effect'. By way of justification, 'persistent non-compliances and material supervisory concerns' cited by the comprehensive

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