RBI to issue FAQs on Paytm Payment Bank to address customers' concerns

In a major action against Paytm Payments Bank (PPBL), RBI, on Jan 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after Feb 29

To address various issues of customers of beleaguered Paytm Payments Bank Ltd (PPBL), the Reserve Bank will issue a set of FAQs (Frequently Asked Questions) this week.

"Wait for FAQ that will have a set of clarifications related to customers of PPBL as our priority is customers should not be inconvenienced. Customer interest and depositors interest is uppermost for us," RBI Governor Shaktikanta Das said after the Finance Minister's customary address to the central bank's board.

In a major action against Paytm Payments Bank (PPBL), RBI, on January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.

Asked if the deadline of February 29 would be extended, Das said, Wait for the FAQ.

"Don't expect review of RBI's decision in FAQ. FAQ will address issues related with depositors, customers, wallet users, FASTag holders. Whatever is in the customers' interest that we are dealing in FAQ," he said.

Earlier in the day, Finance Minister Nirmala Sitharaman addressed RBI's central board of directors.

During the meeting, the Finance Minister highlighted the key thrust areas outlined in the interim Union Budget 2024-25 and the expectations from the financial sector.

The directors complimented the Finance Minister on the Budget and shared their views.

The Union Finance Minister was accompanied by two Ministers of State for Finance, Pankaj Chaudhary and Bhagwat Kishanrao Karad, and other senior officials of the ministry, including Finance Secretary T V Somanathan and Financial Services Secretary Vivek Joshi.

The Board also reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility.

Deputy Governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, Swaminathan J and other Directors of the Central Board Satish K Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia attended the meeting.