In response to the concerns raised by customers of Paytm Payments Bank Ltd (PPBL), the Reserve Bank of India (RBI) has announced plans to release a set of Frequently Asked Questions (FAQs) later this week.
RBI Governor Shaktikanta Das emphasized the importance of addressing customer issues promptly, stating, “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.”
The RBI's actions against Paytm Payments Bank (PPBL) were significant, with a directive issued on January 31 instructing the bank to cease accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29.
Regarding the possibility of extending the February 29 deadline, Governor Das advised waiting for the release of the FAQ. He clarified that the FAQ would not involve a review of the RBI's decision but would instead address issues concerning depositors, customers, wallet users, and FASTag holders, ensuring that their interests are safeguarded.
Earlier in the day, Finance Minister Nirmala Sitharaman addressed the central board of directors of the RBI, highlighting the key thrust areas outlined in the interim Union Budget 2024-25 and expressing expectations from the financial sector.
During the meeting, the Finance Minister received compliments on the Budget from the directors, who also shared their views. The Union Finance Minister was accompanied by two Ministers of State for Finance, Pankaj Chaudhary and Bhagwat Kishanrao Karad, along with other senior officials of the ministry, including Finance Secretary T V Somanathan and Financial Services Secretary Vivek Joshi.
The Board's discussions also encompassed a review of the global and domestic economic situation and outlook, including discussions on challenges posed by geopolitical developments and global financial market volatility.
Several Deputy Governors and Directors of the Central Board, including Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, Swaminathan J, Satish K Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel, and Ravindra H Dholakia, attended the meeting, contributing to the comprehensive review and discussion.
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