Finance Minister Nirmala Sitharman pointed out that India has made some significant contributions to the fintech sector. She added that everyone across the world is looking to India for fintech solutions.
Network18’s Editor-in-Chief, Rahul Joshi, in conversation with Sitharman, highlighted the restrictions imposed by the Reserve Bank of India (RBI) on the operations of Paytm Payments Bank on Wednesday, January 31. However, Sitharman demurred and said she didn't want to comment.
Sitharaman said, “Fintech is an area in which all of us are very enthusiastic. India has contributed a lot to the sector. India's contribution to the sector has been globally recognised. Today, if people are looking at fintech solutions, they are looking to India.”
Praising youth, she said, “Our (Indian) youth have contributed a lot and built capacities for themselves. This (fintech) is an area that we certainly like to work with and encourage.”
While Sitharaman did comment on Paytm Payments Bank, the bank has been directed by the central bank to stop deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc after February 29, 2024. This does not include any interest, cashback or refunds which may be credited.
Earlier in the day, Paytm clarified that its app will continue functioning in collaboration with other banks and not with the Paytm Payments Bank (PPBL) after February 29. The company added that the directives from the RBI are for Paytm Payments Bank (PPBL) and not Paytm.
Moreover, Sitharaman appreciated the central bank for working in collaboration with the stakeholders and keeping growth in sight. She said that RBI has been steady and expects it to continue treading the same path.
First Published: Feb 2, 2024 10:22 PM IST
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