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Updated February 6th, 2024 at 13:44 IST

Calling RBI double-faced is wrong: Analyst on Paytm Payment Bank Issue

The Reserve Bank of India warned Paytm Bank in March 2022 for not onboarding new customers.  But Paytm did not pay heed to the RBI's warnings.

Business Desk
Vijay Shekhar Sharma, CEO and Founder, Paytm
Vijay Shekhar Sharma, CEO and Founder, Paytm | Image:Republic
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RBI’s clamp down on Paytm: The Reserve Bank of India on Wednesday issued a notification barring Paytm from accepting deposits or top-ups in any customer account. The ban includes prepaid instruments, wallets, and FASTags, among others after February 29, 2024. In an exclusive conversation with Arnab Goswami, Editor-in-Chief, of Republic Media Network, Kishore Subramaniam, an Investment Analyst said, “ RBI is doing what is right for the country. Calling RBI double-faced is wrong. And the opposition is harping on the government? Government has nothing to do with RBI.”

#PayTMAnswer | RBI Governor Shaktikanta Das is the best central banker in recent years. RBI is accountable to 140 crore people and by God's grace, India has a central banker who is top rated in the world: Sushil Kedia (@sushilkedia), Founder & CEO, KEDIANOMICS 

Tune in for The… pic.twitter.com/t2na4vWPA6

— Republic (@republic) February 2, 2024

Taking on X ( Formerly known as Twitter), Vijay Shekhar Sharma said on Friday said that Paytm will continue working beyond Feb 29. The clampdown on Paytm is a result of persistent non-compliance and material supervisory issues in the bank. Talking about the issue, the Chief Business Officer said, “I don't think Paytm is breaking the rules intentionally. Paytm was one of the early companies to evangalise digital inclusion in the country: Vivek Sridhar, CBO, Neokred. 

The Reserve Bank of India warned Paytm Bank in March 2022 for not onboarding new customers.  But Paytm did not pay heed to the RBI's warnings. 

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“The RBI has been consistently warning Paytm and it finally did an audit and found that there are enough lapses. RBI has done a wonderful job as an apex bank. India did not struggle financially in 2008 only because RBI was proactive,” Kishore Subramaniam, Investment Analyst, told Republic.  Sushil Kedia, Founder and CEO, KEDIANOMICS while rebutting the defender said, “If Nirav Modi escaped, do you mean to say Paytm should be given that opportunity to do a scam?

Subramaniam added further that RBI is doing what is right for the country. “Calling RBI double-faced is wrong. And the opposition is harping on the government? Government has nothing to do with RBI,” he added further.  Throwing light on the China connection as highlighted by many people, Vivek Sridhar, CBO, Neokred.  

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Subramaniam highlighted that the startup ecosystem cannot come up and say 'RBI is overreaching. “We have revamped India. You have to be strict, it is public money. RBI has done the right job,” he added further. 

 

 

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Published February 2nd, 2024 at 23:02 IST

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