The Reserve Bank of India (RBI) has delivered a significant relief to Paytm customers, ensuring continued accessibility to their wallets even after March 15.
With this announcement, approximately 85 percent of Paytm wallet users can breathe a sigh of relief, as they won’t encounter disruptions due to regulatory actions.
Assurance from RBI Governor
RBI Governor Shaktikanta Das reassured Paytm users on Wednesday, stating that the regulatory actions won’t pose significant hurdles for 80-85 percent of wallet users.
However, for the remaining users, a prompt action is advised: linking their app with other banks.
Deadline for Account Linking
Following the RBI’s directive on January 31, which restricted Paytm Payments Bank Limited (PPBL) from accepting deposits or top-up transactions, users were instructed to link their wallets with alternative banking accounts.
The deadline for this action has been set for March 15, with no possibility of extension.
Majority Already Compliant
Das emphasized that the majority of Paytm wallets are already linked with other banks, estimating around 80-85 percent compliance.
For the remaining 15 percent, swift action is imperative to avoid any disruptions in wallet usage.
RBI’s Stance on Fintech Support
Addressing concerns about fintech companies, Das highlighted RBI’s firm support for their development.
Drawing an analogy, he likened fintech regulation to traffic rules: essential for safe operation despite the freedom to innovate.
NPCI Decision on Paytm Payment App License
When queried about the National Payments Corporation of India (NPCI) decision regarding Paytm’s payment app license, Das clarified that internal investigations must conclude before any action is taken.
