Chairman Khara declares that SBI welcomes Paytm users with open arms

Chairman Khara declares that SBI welcomes Paytm users with open arms

On January 31, the RBI essentially asked Paytm Payments Bank to cease all of its main operations by ordering it to stop taking deposits or top-ups into any user accounts, wallets, Fastag, and other instruments after February 29. said.

The instruction was issued in response to ongoing serious supervisory concerns and chronic non-compliance, the central bank said in a statement.

On Saturday, State Bank of India said that it is prepared to assist Paytm users who may be impacted by the Reserve Bank of India's directive to cease almost all of its operations as of March 1. Speaking to the media at the third quarter results call held here, SBI Chairman Dinesh Kumar Khara declined to immediately defend the once-famous Paytm, stating that "We have no such plans" in the event that the RBI removes its payments bank license.

But Khara also added right away that we would be available if we hear from RBI with any orders. Still, he did not go into detail. SBI's net profit decreased to Rs 9,164 crore, or 35%. On January 31, the RBI essentially asked Paytm Payments Bank to cease all of its main operations by ordering it to stop taking deposits or top-ups into any user accounts, wallets, Fastag, and other instruments after February 29. said. The agency did note that consumers may get a refund, cashback, or interest at any moment.

The instruction was issued in response to ongoing serious supervisory concerns and chronic non-compliance, the central bank said in a statement. Khara said, "There is nothing except the settlement part," when asked whether SBI had any relationship to the fintech company. "Absolutely," he said when asked whether the bank was prepared to support the millions of Paytm users who are also merchants.

"These merchants are already in contact with our affiliate SBI Payments, and we are prepared to take them on at any moment. We are prepared to provide them with our point-of-sale systems as well as any other payment needs they may have. It is mostly their responsibility, even if there is a more targeted approach currently, according to Khara. When asked whether the bank was prepared to help Paytm merchants with their accounts since any app banks are connected to the account, he said, "We can take them with us in every way."