Paytm Crisis: Action was taken after persistent non-compliance, says RBI Deputy Guv Swaminathan

The Reserve Bank of India (RBI) has taken disciplinary action against Paytm Payments Bank, following persistent non-compliance. The action was taken after banks' anxiety to maintain market share and margins impeded full transmission of effective interest rates. The Paytm Saga began when the RBI directed Paytm Payments Bank to stop all banking services, including deposit acceptance and payment processing, effective February 29.
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