India Business News: Reserve Bank of India (RBI) has alerted Paytm Bank board regarding non-compliance with guidelines. Two directors have resigned. Paytm management and startup founders are lobbying for revival. RBI has taken measures including a monetary penalty. RBI's strategy involves engaging with management and board before imposing restrictions. Steps taken are in the interest of systemic stability and consumer/depositor interest. RBI governor dismisses concerns about impact on fintech and innovation.
Paytm was given sufficient time, action after persistent non-compliance: RBI thestatesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestatesman.com Daily Mail and Mail on Sunday newspapers.
(Bloomberg) The news conference following the Indian central bank’s monetary policy meeting typically centers on topics such as economic growth, inflation and liquidity. On Thursday, however, the discussion was largely dominated by questions about the fate of fintech pioneer Paytm’s bank.Most Read from BloombergEpstein Contacted Staley for Years at Barclays Using Go-Between, Court Filings ClaimCitadel Among Hedge Funds That Got Morgan Stanley’s Block-Trading LeaksA 99% Bond Wipeout Hands Hedg
Last week, the Reserve Bank of India (RBI) issued a directive to Paytm Payments Bank, prohibiting it from accepting new deposits starting February 29, 2024.