Ashneer Grover criticized RBI for action against Paytm Payments Bank

Ashneer Grover: BharatPe founder Ashneer Grover is known for his honest style. He has once again targeted the Reserve Bank of India (RBI). He has described the action taken by RBI against Paytm Payments Bank as very strict. Ashneer Grover said- By taking such strictness, RBI has shown that banks are important for them, not fintech.

Paytm gave birth to fintech in the country

Ashneer Grover said in an interview to Mirror Now that Paytm has given birth to fintech in the country. Its contribution in the digital payments sector cannot be dismissed. Our infrastructure is not able to accept big startups. Startups have emerged rapidly in India in the last 10 to 12 years. People in the government want to take photographs with the startup founder, but do not want to take any decision regarding the law.

Startups brought FDI and provided jobs

Ashneer said that we have 111 unicorns. But, none of these are considered important for the economy. These startups have contributed fully in increasing the GDP growth rate. Startups brought a large number of FDI into India. Besides, these companies have also created the maximum number of jobs.

BharatPe was created because of Paytm

Ashneer Grover said that because of Paytm, many companies like BharatPe got an opportunity to enter the market. BharatPe should give credit to Paytm for its birth. If there was no Paytm, there would not have been companies like BharatPe. It was Paytm that created confidence among people regarding payment through QR code. Today crores of people are doing their transactions by connecting to digital transactions. After QR codes became popular, companies like PhonePe and Google Pay emerged for consumers and BharatPe and Pine Labs for merchants.

RBI is not able to trust the youth

Criticizing the strictness of RBI, Grover said that the punishment for canceling the license is severe. The decision makers in the Reserve Bank are around 60 years of age. They probably have less confidence in the youth. He has a lot of experience in managing banks. But, they are not able to trust a 40 year old youth.

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