"RBI Doesn't Want...": Ashneer Grover After Curbs Imposed On Paytm Payments Bank

In his post, Mr Grover called upon Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi's office to look into the matter.

After the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank, BharatPe co-founder Ashneer Grover said that the central bank's move was against the interest of fintech firms. The RBI on Wednesday ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets after February 29, 2024. Following this, Mr Grover declared the move to be against all Fintech firms and said that the decision will kill the sector altogether. He also called upon Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi's office to look into the matter.  I don't understand RBI. Clearly RBI does not want FinTechs in business - of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia@nsitharaman@PMOIndia need to step in. Startups have been biggest creators of market cap…

"I don't understand RBI. Clearly, RBI does not want fintechs in business. Of late all regulations/moves are against Fintechs. Such moves will kill the sector altogether," Ashneer Grover wrote on X. "Startups have been the biggest creators of market cap and employment in the last decade. Today IIM and IIT are struggling to place people -- we as a country cannot afford such overreach! Tom-tom-ing UPI to the world and punishing pioneers in space is pure 'Doglapan'!" he added.

Notably, RBI directed Paytm Payments Bank, which is part of one of India's largest payment firms Paytm, to to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.