RBI: Action on Paytm over non-compliance

RBI Governor assured there were no systemic concerns and attributed action on Paytm to compliance issues.

Deputy Governor Swaminathan J said that the firm had been persistently non-compliant and that was the reason behind actions against Paytm.

Governor Shaktikanta Das declined to specify the specific issues which warranted the RBI`s action against Paytm.

The actions were motivated by systemic stability or the protection of depositors`/ consumers` interests, Das said.

Das said that a FAQ is to be released by RBI to address public concerns regarding recent actions on Paytm.