Persistent non-compliance led to clampdown on Paytm Payments Bank: RBI

Persistent non-compliance led to clampdown on Paytm Payments Bank: RBI

FILE PHOTO: Paytm app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

The Reserve Bank of India’s (RBI) clampdown on Paytm Payments Bank was the result of persistent non-compliance with regulations, top central bank officials said on Thursday, adding they took action after giving the company ample time to comply.