Paytm Saga: RBI Governor Shatikanta Das' Take | NDTV Profit - video Dailymotion

#PaytmSaga: Here's what RBI Governor #ShaktikantaDas had to say. #RBIPolicy Watch: https://bit.ly/3SzdByw Read: https://bit.ly/3UyjyhP

Transcript

00:00 Let me put the record straight. Now, you said that worry about the system and all that.

00:09 There is no worry about the system at the moment. Here we are talking about a specific

00:14 institution, a specific payment bank. As the Deputy Governor has already, Deputy Governor

00:24 Swaminathan has already explained. He has provided several details. Similarly, I also

00:30 don't want to comment on a specific case. But in this context, I would like to make

00:37 some general observations, not with specific reference to Paytm as such, but some general

00:44 observations which includes all our regulated entities. So all our regulated entities does

00:50 not exclude Paytm. It is applicable to all the regulated entities.

00:56 And in fact, the advice is the camera should not focus on this because I have written so

01:08 many things. This is a private part, so the cameras can focus perhaps on my face. But

01:16 let me, thank you. I think that is very agile on his part. So let me focus on some, make

01:23 some general points. And I would like to, you know, make some, about six or seven points.

01:31 Now first is that over the last few years, as all of you are aware, we have significantly

01:38 deepened our supervisory systems approach and methods. Number two, our emphasis is always

01:48 on, as the Deputy Governor has pointed out, our emphasis is always on bilateral engagement

01:56 with the regulated entity. And in that engagement, we give focus on, and we are completely focused

02:09 on nudging the regulated entity to take corrective action. Let me rephrase it for you to make

02:17 note. Our emphasis is always on bilateral engagement with the regulated entities with

02:23 focus on nudging them for corrective action. And sufficient time is given for undertaking

02:31 such corrective action. The third point, when such constructive engagement which we undertake,

02:40 when that does not work, so when such constructive engagement does not work or when the regulated

02:47 entity does not take effective action, we go for imposing supervisory or business restrictions.

02:56 Number four, such restrictions which we impose are always proportionate to the gravity of

03:04 the situation. Please take note that such restrictions are proportionate to the gravity

03:10 of the situation. Number five, all our actions, being a responsible regulator, being a responsible

03:21 supervisor, all our actions are in the best interest of systemic stability and protection

03:29 of depositors or customers' interest. These aspects cannot be compromised. Individual

03:39 entities should be mindful of these aspects for their long-term success. Number six, over

03:50 the last few days, we have received a lot of queries, clarifications from various quarters,

03:58 including members of the public. You have raised a few questions today. So we have noted

04:05 all these questions and clarifications which have been sought from us. And based on that,

04:12 we will be issuing a FAQ sometime next week. So that should address all these questions

04:20 and clarifications which are being raised by you and which have been raised in the public

04:25 domain and raised bilaterally with us from various quarters. Number seven, finally, and

04:33 emphatically, let me stress and let me emphatically state that the Reserve Bank is and will continue

04:44 to encourage and support innovation and technology in the financial sector. Let there not be

04:51 any doubt about Reserve Bank's commitment to promote fintechs, to promote innovation,

04:58 to promote technology in the financial system.

05:01 [Music]