Regulatory Institutions Under Attack by Modi Govt: Congress on RBI Action Against Paytm

GG News Bureau
New Delhi, 2nd Feb. Congress leaders Rahul Gandhi and Priyanka Gandhi Vadra attacked the government on Thursday for the RBI’s action against Paytm Payments Bank, stating that regulatory institutions are being undermined by the Modi administration.

In a significant move against Paytm Payments Bank (PPBL), the Reserve Bank of India (RBI) has instructed the bank to cease accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29.

In a post in Hindi on X, Gandhi said, “Paytm fraud is the biggest example of how the government has brought the country on the path of destruction by finishing the independence of institutions.” Regulatory institutions such as SEBI and RBI remained silent spectators to the fraud of Paytm which had given full-page advertisements in newspapers pictures of the prime minister, the former Congress president said.
“Such political patronage has saved many companies that became big by looting the hard-earned money of people. The collapse of regulatory institutions guarantees the public being looted,” Gandhi said.

Vadra said that Paytm made a lot of profit due to demonetisation and according to the advertisements, the government’s help was also involved in this. When the company launched its shares at a very high price, the common middle class Indians bought them in large numbers, she said.

“Yesterday, suddenly the RBI banned the functioning of this company due to financial irregularities,” the Congress general secretary said.