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RBI's action on Paytm has drawn fintechs' attention to compliance of laws: Min
Updated On: 18 February, 2024 02:22 PM IST | Delhi | mid-day online correspondent
According to Chandrasekhar, Minister of State for Electronics and IT, regulatory compliance is not optional but necessary for all businesses, regardless of size or origin.
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Rajeev Chandrasekhar, Union minister of state for electronics and technology. File pic
Union Minister Rajeev Chandrasekhar has emphasised the need for regulatory compliance for fintech companies following the Reserve Bank of India`s (RBI) recent action against Paytm Payments Bank.
According to Chandrasekhar, Minister of State for Electronics and Information Technology, regulatory compliance is not optional but necessary for all businesses, regardless of size or origin. He told PTI that entrepreneurs must strictly adhere to the law.
The RBI`s decision to prohibit Paytm Payments Bank from receiving new deposits beginning March 15 has highlighted the need for regulatory compliance among fintech entrepreneurs. Chandrasekhar underlined that this move has no negative effects on the overall fintech industry, but rather acts as a warning for businesses to follow regulations, reported PTI.
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