SBI comes forward to rescue Paytm customers, says ‘will act on RBI direction’

State Bank of India (SBI) has come forward to assist Paytm clients following a ban on the latter’s actions by the Reserve Bank of India from March 1. SBI Chairman Dinesh Kumar Khara stated, “If there is a direction from the RBI to any effect, we will rescue the once-storied Paytm.” However, he stated that the corporate has no plans of going straight into the matter addressing the media in the course of the third quarter earnings. 

The RBI on January 31 directed Paytm Payments Bank to cease accepting deposits or top-ups in any buyer accounts, wallets, Fastags and different devices after February 29, successfully asking it to cease all its major actions. However, the regulator stated any curiosity, cashbacks, or refunds could also be credited again to clients anytime.

Asked whether or not SBI has any relationship with the fintech agency, Khara stated, “there isn’t anything beyond the settlement part”. Asked if the financial institution is prepared to assist the tens of millions of Paytm clients who’re retailers, he stated, “absolutely.”

“Our subsidiary SBI Payments are already in touch with these merchants, and we’re ready to lap them up anytime. We are ready to supply them our PoS machines and all other payment needs they face. While now there is a more focused approach to them this is broadly their job,” Khara.

To one other question whether or not the financial institution is prepared to help Paytm retailers with their accounts, as any app is linked to a checking account, he stated, “Of course, we can take them on board in all possible manner.”

(With inputs from PTI)

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