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Updated February 12th, 2024 at 19:07 IST

RBI to issue FAQs on Paytm Payments Bank this week

The Reserve Bank of India will issue a set of FAQs this week, to address various issues customers of hard-pressed Paytm Payments Bank Ltd are facing.

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Paytm | Image:Republic Business
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The Reserve Bank of India (RBI) will issue a set of frequently asked questions (FAQs) this week, to address various issues customers of hard-pressed Paytm Payments Bank Ltd (PPBL) are facing.

"Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer and depositors interest is uppermost for us," RBI Governor Shaktikanta Das said after Finance Minister Nirmala Sitharaman's customary address to the central bank's board on Monday.

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In a major action against PPBL, the RBI on January 31, directed Paytm's arm to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29.

“Wait for the FAQ," Das said, when asked if the deadline of February 29 would be extended.

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"Don't expect a review of RBI's decision in FAQ. FAQ will address issues related to depositors, customers, wallet users, and FASTag holders. Whatever is in the customers’ interest that we are dealing with in FAQ," he added.

Earlier in the day, Sitharaman addressed RBI's central board of directors.

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During the meeting, the finance minister highlighted the key thrust areas outlined in the interim Union Budget 2024-25 and the expectations from the financial sector.

The directors complimented the finance minister on the Budget and shared their views.

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The FM Sitharaman was accompanied by Ministers of State for Finance, Pankaj Chaudhary and Bhagwat Kishanrao Karad, and other senior officials of the ministry, including Finance Secretary TV Somanathan and Financial Services Secretary Vivek Joshi.

The global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility, was also reviewed by the board.

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Deputy Governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, Swaminathan J and other Directors of the Central Board – Satish K Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia were also present at the meeting.

(With PTI Inputs)

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Published February 12th, 2024 at 19:07 IST

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