85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
The Reserve Bank of India officials will meet the National Highways Authority of India (NHAI) and National Payments Corporation of India (NPCI), among other stakeholders, next week to discuss the migration of customers and merchants from Paytm Payments Bank, recent reports said.
The meetings will be held ahead of the release of the frequently asked questions (FAQs) by the RBI. The NPCI oversees the United Payments Interface (UPI) payments, and NHAI operates the FASTag service, it added.
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RBI Governor Shaktikanta Das had also said that the RBI has been receiving several queries and clarifications from customers as well as merchants.
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In a post-Monetary Policy Committee (MPC) press conference, the RBI Governor had said the RBI will release an FAQ next week to clarify the doubts.
The RBI has also said the ban was imposed due to “persistent non-compliance” by Paytm Payments Bank. It has been barred from adding new customers since March 11, 2022.
“Over the last few years we have significantly deepened our supervisory systems, approach and methods. Our emphasis is always on bilateral engagement with regulatory entities, with a focus on nudging them to take corrective action. Sufficient time is given for undertaking this corrective action When such constructive engagement does not work or when a regulated entity does not take effective action, we go for imposing supervisory or business restrictions,” RBI governor had told reporters.
”Such restrictions that we impose are always proportional to the gravity of the situation,” he said, adding, “All our actions, being a responsible regulator, are for systemic stability and protection of customers interest. These aspects cannot be compromised.”
Last week, the RBI had ordered the payments bank unit of One 97 Communications, popularly known as Paytm, to stop accepting fresh deposits in its accounts or popular wallets after February 29.
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