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Paytm app not impacted by directives, is free to partner with other banks, says RBI
The Reserve Bank of India (RBI) has stated that Paytm app will not be impacted by the recent order issued against Paytm Payments Bank Limited (PPBL).
New Delhi: The Reserve Bank of India (RBI) has stated that Paytm app will not be impacted by the recent order issued against Paytm Payments Bank Limited (PPBL).
"Just to clarify, the action is against Paytm Payments Bank, not against the Paytm app. The app is not impacted by our action, delineating the scope of the RBI's directive," said RBI Deputy Governor Swaminathan J, in a Press briefing following the Monetary Policy Committee (MPC) meeting,
Swaminathan added that the banks' decision to partner with Paytm Payments Bank is a business decision, indicating the banks' autonomy in collaborating with PPBL. The Deputy Governor emphasised that the recent actions are directed explicitly towards Paytm Payments Bank and do not impact the functionality or operations of the Paytm app.
This clarification is reassuring to millions of users who rely on Paytm for a wide range of digital payment services.
This statement opens avenues for continued and potential partnerships between Paytm Payments Bank and other banking institutions, ensuring a robust framework for offering innovative financial solutions to customers.
A Paytm spokesperson said that “we assure our users and merchant partners that the Paytm app remains fully operational, and our services are unaffected”.
“Paytm continues to lead in mobile payments innovation, and we are accelerating our partnerships with banks to offer uninterrupted services. We assure our merchant partners that Paytm QR, Soundbox, and card machines will continue to work as always. Our dedication to providing seamless payment solutions and promoting financial inclusion across India remains as strong as ever,” the spokesperson added.
