SBI can save Paytm
The Reserve Bank of India (RBI) has banned the services of Paytm Payments Bank. People have been given time till 29 February 2024 to transfer their funds. Whereas products like Fastag and National Common Mobility Card have been allowed to be used till the balance is exhausted. There is also talk of cancellation of license of Paytm Payments Bank, meanwhile the country's largest bank SBI has indicated to save Paytm Payments Bank.
State Bank of India (SBI) Chairman Dinesh Kumar Khara says that SBI is ready to help those Paytm customers who are going to be affected from March 1 after the order of the Reserve Bank of India. He is 'warmly welcomed' in SBI. Even when Yes Bank had collapsed in the country, the government had asked SBI to save it. After this SBI had bought a large stake in Yes Bank.
SBI can save Paytm
SBI Chairman was in a press conference on Saturday after the release of the bank's third quarter results. Then he was asked about the crisis of Paytm. In response to a question, he said that if RBI cancels the license of payment bank (Paytm), then we have “no direct plan” to save it. However, he further added that the bank will be ready if any instructions are received from RBI. He did not elaborate further on this.
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Currently there is no link of Paytm-SBI
SBI Chairman also clarified that the bank has any connection with the fintech firm (One97 Communications) running Paytm. Regarding the help to crores of merchant customers of Paytm Payments Bank, he said, “Absolutely… SBI is ready to help them. The bank's subsidiary SBI Payments is already in touch with those merchants and we are ready to receive them at any time.
He said that the bank is ready to provide them with its POS machines and meet all other payment needs faced by them.
RBI had stopped Paytm Payments Bank Limited even before adding new customers. Now he has been barred from depositing new funds in any customer account, prepaid wallet or Fastag. At the same time, people will not be able to receive payment from anyone in the accounts linked to Paytm Payments Bank after 29 February 2024. UPI linked to other banks will continue to work as before.
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