Quick Summary
In a press conference on Thursday, the Reserve Bank of India (RBI) clarified that its recent directive concerns Paytm Payments Bank and not the Paytm app itself. This clarification comes in the wake of the RBIs decision, announced after a meeting of its monetary policy committee (MPC), to maintain the status quo on policy rates. Last month, the banking regulator had imposed stringent restrictions on Paytm Payments Bank, barring it from conducting several key operations, including deposit-taki
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FAQ :
No, the RBI has clarified that its recent directive specifically targets Paytm Payments Bank and does not affect the Paytm app itself. The app remains unaffected.
The restrictions were imposed due to multiple instances of non-compliance and persistent supervisory concerns identified by the banking regulator.
The stringent restrictions, barring the bank from certain operations like deposit-taking and fund transfers, became effective from March 1.
Paytm Payments Bank has been barred from conducting several key operations, including deposit-taking and fund transfers.
The shares of One97 Communications, the parent company of Paytm, hit the lower circuit on Thursday following the RBI's clarification and related developments.
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