RBI Issues Circular On Levying Unfair Interest Charges On Customers

Almost 80-85% of Paytm wallet users will not face any disruption due to the action by the Reserve Bank of India on the Paytm Payments Bank (PPBL),  RBI governor Shaktikanta Das said.

RBI on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. After the initial deadline of Febraury 29 to link the Paytm wallet to other banks, the new deadline has been fixed at March 15.

Speaking to ET NOW, Das ruled out any further extension to PPBL.

He said the time given is sufficient and there is no need for any extension. He said 80-85 per cent Paytm wallets are already lined to other banks and the rest have been asked to migrate to other banks.

He said that the RBI has taken action against a regulated entity and has nothing against Fintech companies. He said RBI is in favour of innovation in the fintechs sector.

He said no decision has yet been taken by NPCI on the Paytm Payments Bank Ltd licence. “So far, as RBI is concerned, we have informed them that we have no objection if NPCI considers the Paytm payment app to continue because our action was against the Paytm Payments Bank. The app is with the NPCI…NPCI will take a call…I think they should be taking a call shortly,” he said.

Speaking on the GDP growth , Das said, “Our sense and understanding of the high-frequency indicators and the momentum of economic activity tells us that 5.9 per cent growth in the fourth quarter could be exceeded.
“And when that happens, obviously, the annual growth will be more than 7.6 per cent. There is quite a good chance of the GDP number for the current year being very close to 8 per cent.”

He also said the latest policy has projected a 7 per cent growth for the next financial year.

On the price rise, Das said the latest inflation print of 5.1 per cent is still 110 basis points away from the target of 4 per cent. However, according to Das, the trend of inflation is on the decline and the RBI is now focused on taking inflation to the target of 4 per cent on a durable and sustainable basis.