Paytm was given enough time to comply with rules: RBI

New Delhi: Officials of the Reserve Bank of India (RBI) on Thursday said Paytm Payments Bank was given enough time to comply with rules and the curbs were imposed on the company’s businesses due to “persistent non-compliance”.

“Such action is invariably preceded by months and sometimes years of bilateral engagement, where we point out the deficiencies, but also give time to take corrective action,” said RBI deputy governor Swaminathan J.

“As a regulator, it is incumbent upon us to protect the consumer,” Swaminathan said at a press conference on bi-monthly monetary policy.

Speaking at the media conference, RBI Governor Shaktikanta Das said restrictions imposed on Paytm Payments Bank are proportionate to the gravity of the situation.