“I don’t perceive RBI.Clearly RBI doesn’t need FinTechs in enterprise – of late all rules / strikes are in opposition to Fintechs. Such strikes will kill the sector altogether. The
@FinMinIndia @nsitharaman @PMOIndia have to step in. Startups have been largest creators of market cap and employment in final decade. As we speak IIM and IIT are struggling to put individuals – we as a rustic can not afford such overreach ! Tom-Tom-Ing @UPI_NPCI to the world and punishing pioneers within the area is pure ‘Doglapan’!
Why RBI has bars Paytm Funds Financial institution
Paytm Funds Financial institution has been barred by the RBI from accepting deposits/top-ups in any buyer account, wallets, and FASTags after February 29 attributable to non-compliance of rules and supervisory issues.
“The Complete System Audit report and subsequent compliance validation report of the exterior auditors revealed persistent non-compliances and continued materials supervisory issues within the financial institution, warranting additional supervisory motion,” the RBI mentioned in a press release.
“No additional deposits or credit score transactions or prime ups shall be allowed in any buyer accounts, pay as you go devices, wallets, FASTags, NCMC playing cards, and so forth. after February 29, 2024, aside from any curiosity, cashbacks, or refunds which can be credited anytime,” it added.
The central financial institution additional mentioned “withdrawal or utilisation of balances by its prospects from their accounts together with financial savings financial institution accounts, present accounts, pay as you go devices, FASTags, Nationwide Widespread Mobility Playing cards are to be permitted with none restrictions, as much as their accessible stability”.
