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Podcast: In Focus by The Hindu
Episode: Why did the RBI clamp down on Paytm?
Description: The RBI has imposed major restrictions on the operations of Paytm Payments Bank Ltd (PPBL). It has directed Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29.An RBI circular stated that this action follows an audit report and a compliance validation report by external auditors, which revealed “persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action”.The Paytm founders have written to the RBI governor and the finance minister asking them to reconsider the regulatory action against them.Wh...