Das also said that the issue with Paytm was not of regulations but of compliance. The RBI had earlier this month imposed restrictions on Paytm Payments Bank from accepting new deposits from February 29.
Governor Das said that as a principle, the emphasis of RBI is always on bilateral engagement with a Regulated Entity (RE) with a focus on nudging them to take corrective action. He also said that the issue with Paytm was not regulatory but of compliance.
Das, on Thursday, said that the restrictions imposed “are always proportionate to the gravity of the situation”, adding that the main focus is on the protection of depositors and the economic stability.
At the conference, Das also said that in the last few days, the RBI has received many queries from various quarters, including media and common people.
“We have noted all the queries and clarifications, and based on that, we will issue an FAQ next week to address them,” he said.
“The RBI is and will continue to encourage and support innovation and technology in the financial sector,” he added.
First Published: Feb 08 2024 | 12:47 PM IST