Cong slams govt after RBI action against Paytm Payments Bank

Hitting out at the government after the RBI action against Paytm Payments Bank, the Congress on Thursday said the order will hit ordinary Indians the most and asked why the firm with Chinese links had not been kept under stricter monitoring. In a major action against Paytm Payments Bank (PPBL), the Reserve Bank on Wednesday directed the lender to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. In a post on X, Congress general secretary Jairam Ramesh said, “The last 10 years under PM Modi have brought only chaos to the banking system.” “First, the disastrous demonetisation decision, taken without any planning and over objections of the RBI. Then, bankruptcy of IL&FS in 2018 hit the NBFC sector. Thousands of crores of scams were done at Yes Bank and DHFL in 2018 as well. Lakshmi Vilas Bank and PMC Bank failed as well,” Ramesh said. @@@