Ashneer Grover, Deepak Shenoy slam RBI over Paytm Payments Bank action

 Ashneer Grover asserted that throughout the past ten years, startups have been the primary generators of jobs and market capitalization. 

Ashneer Grover, co-founder of fintech unicorn BharatPe and former Shark Tank India judge

Ashneer Grover, a former Shark Tank India judge and co-founder of the fintech startup BharatPe, criticised the Reserve Bank of India (RBI) on Wednesday following the institution's imposition of new limitations on Paytm's primary sector, Paytm Payments Bank Ltd (PPBL), a digital payments company.

On Wednesday, the central bank banned PPBL from accepting any more deposits or carrying out credit transactions or top-ups in any client wallets, accounts, prepaid cards, FASTags, or National Common Mobility Cards after February 29.

Ashneer Grover declared: "I'm not familiar with RBI. It is evident that the RBI does not want fintechs to operate; recently, all laws and policies have been against them. Such actions will completely destroy the industry. The @PMOIndia @nsitharaman @FinMinIndia must intervene."

He went on to say that for the past ten years, startups have contributed significantly to market capitalization and job creation.

"Startups have been biggest creators of market cap and employment in the last decade," asserted the co-founder of BharatPe. People are having difficulty finding jobs at IIM and IIT today—our nation cannot afford such overreach! "Tom-Tom-Ing @UPI_NPCI to the world and penalising innovators in the field is blatantly 'Doglapan'."

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