Union Minister Chandrasekhar on Paytm: FinTech doesn’t excuse everyone’s actions.

Union Minister Rajeev Chandrasekhar has responded to the recent controversy surrounding Paytm and stated that being a fintech or technology company does not exempt them from regulatory oversight. Chandrasekhar emphasized that sectoral regulators have the authority to regulate entities within their sector, and the Reserve Bank of India (RBI) has acted within its purview to regulate Paytm. The RBI recently placed restrictions on Paytm Payments Bank Ltd (PPBL), prohibiting it from accepting deposits or top-ups in any customer accounts after February 29, 2024. Chandrasekhar’s comments come as Indian fintech companies face increased regulatory scrutiny.