Action on Paytm Bank draws attention of fintech companies towards compliance with law: Chandrashekhar

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New Delhi: Union Minister of State for Electronics and Information Technology Rajiv Chandrashekhar has said that Paytm Payments Bank Ltd. The regulatory crackdown by the Reserve Bank of India (RBI) on PPBLs has drawn the attention of financial technology (FinTech) companies to the importance of complying with the law. Chandrashekhar emphasized that regulatory compliance cannot be optional for companies, but is an aspect that every entrepreneur should pay close attention to.

Chandrashekhar said, the Paytm Payments Bank issue is a case where an aggressive entrepreneur has failed to realize the need for regulatory compliance and no company can escape compliance. Amid the Paytm Payments Bank crisis, the Minister said that any company, whether Indian or foreign, big or small, will have to follow the laws of the country. The Reserve Bank of India has stopped PPBL from accepting new deposits from March 15, and has ruled out any review of its action against the company.

Chandrashekhar said the perception that the RBI action on PPBL has unsettled the fintech sector is not an accurate portrayal of it. Politicians, entrepreneurs and technology giants do not agree that the Paytm Bank issue has raised concerns for the entire fintech industry. The perception that the regulator has taken action against Paytm Payments Bank has unsettled fintechs, he said. I don’t think that’s an accurate portrayal.

The post Action on Paytm Bank draws attention of fintech companies towards compliance with law: Chandrashekhar appeared first on Dainik Savera Times | Hindi News Portal.

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