The Reserve Bank of India has offered Paytm users significant respite. After March 15, if you use Paytm as well, you won’t have many problems. Even after March 15, 85% of the wallet’s users can still access it with ease.
Governor of the Reserve Bank of India
Shaktikanta Das stated on Wednesday that 80–85% of Paytm wallet customers won’t experience any issues as a result of regulatory action. The remaining customers have been urged to connect their app to additional banks at the same time. By March 15th, add accounts with additional banks. Paytm Payments Bank Limited (PPBL) was prohibited by the Reserve Bank on January 31 from taking deposits or “top-ups” on any customer account. Das stated that the cutoff date for linking the wallet to Paytm Payments Bank with other banks has been fixed as March 15. He has ruled out the possibility of extending the deadline.
Between 80 and 85 percent of clients have ties to other banks.
He claimed that the deadline of March 15 is ample and that there is no need to extend it. According to him, between 80 and 85 percent of Paytm wallets are connected to other banks and the 15 percent that is not have been encouraged to do so. RBI backs fintech enterprises. He stated that the RBI continues to actively support fintech startups in a special interview with a news station. RBI is ready for the fintech industry’s growth. He gave the example of someone who owned a Ferrari. Even if he owns and operates it, he still needs to abide by the law to prevent collisions.
Questioned about when the
National Payments Corporation of India (NPCI) decided on the Paytm payment app license. Das said that action in this regard has to be taken only after an internal investigation. NPCI will make the decision. According to Das, since our action was directed against Paytm Payment Bank, we have notified RBI that we have no issues if NPCI decides to proceed with the Paytm Payment App. NPCI has the app; they will consider it. They ought to decide on this shortly, in my opinion.
The governor of the RBI discussed economic expansion.
In terms of economic growth, he stated that we think it will surpass 5.9 percent in the fourth quarter based on factors like PMI, electricity consumption, and GST collection. According to Das, when this occurs, the yearly growth rate will undoubtedly exceed 7.6 percent. There is a good chance that the GDP number for this year will be around eight percent.
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