RBI will do this big work to ensure that irregularities like Paytm do not happen again. - Newztezz Online

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Wednesday, February 28, 2024

RBI will do this big work to ensure that irregularities like Paytm do not happen again.

Fulfilling its responsibility of keeping the country's finance sector clean, the Reserve Bank of India may soon take a big decision. This will help in preventing incidents like Paytm Payments Bank in future.

The ban on Paytm Payments Bank by the Reserve Bank of India (RBI) remains a matter of concern for the country's fintech sector. In such a situation, RBI has received a special instruction from Finance Minister Nirmala Sitharaman to address the concerns of the startup and fintech sector. Because of this, incidents like Paytm Payments Bank will not be repeated in future and they can be stopped in time.

In fact, Finance Minister Nirmala Sitharaman has suggested RBI to hold a meeting with fintech companies every month and address the concerns of the companies.

Will help in resolving issues

Finance Minister Nirmala Sitharaman says that this step will help in resolving the issues of fintech and startup companies in time. At the same time, RBI will also find it easier to do regulatory work. The Finance Minister has suggested that RBI can hold an online meeting with fintech companies on a fixed day.

After the RBI action on Paytm Payments Bank, fintech companies have expressed concerns regarding compliance with the rules. Whereas companies in the startup sector have raised issues related to cyber security.

NBFC got relief

Meanwhile, the Reserve Bank of India (RBI) on Tuesday made compliance with some rules easier for banks and non-banking finance companies (NBFCs). These rules are related to surveillance. Now the rules and guidelines related to submission of monitoring data for banks and NBFCs have been consolidated in one place.

RBI said that the purpose of these 'master' guidelines is to provide a comprehensive framework. This coordinates their submission deadlines. The scope of these rules includes all commercial banks, co-operative banks, EXIM Bank (Export Import Bank of India), NABARD, NHB (National Housing Bank), SIDBI, NABFID (National Bank for Financing Infrastructure and Development) and NBFCs etc.

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