RBI unlikely to extend Paytm Bank’s deadline

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New Delhi, February 8

The Reserve Bank of India has indicated that it may not accede to Paytm’s request to extend the deadline for shutting down its ban’s operations by February 29.

However, given the confusion among customers for Paytm’s popular wallet, RBI chief Shaktikanta Das said all questions and clarifications would be addressed next week.

Meanwhile, addressing the doubt among the large number of Paytm users for a wide range of digital payment services, RBI Deputy Governor J Swaminathan said, “The action is against Paytm Payments Bank, not against the Paytm app. The app is not impacted by our action.”

Indications about RBI’s disinclination to extend February 29 deadline for Paytm Bank to cease operations came from Swaminathan who said the action was taken for “persistent noncompliance”.