RBI action on Paytm Payments Bank has drawn fintechs’ attention to compliance of laws: Chandrasekhar

The Reserve Bank’s regulatory action on Paytm Payments Bank has drawn the attention of fintech firms to the importance of complying with laws, Union Minister Rajeev Chandrasekhar has said.

The minister stressed that regulatory compliance cannot be “optional” for companies, rather it is an aspect every entrepreneur must pay full attention to.

In an interview to PTI, Chandrasekhar – the minister of state for electronics and IT – said the issue of Paytm Payments Bank is a case where a hard-charging and aggressive entrepreneur has failed to realise the need for regulatory compliance, and that no company can get away if it is non-compliant with law.