One of the functions of RBI is 'it regulates and supervises ba | ECONOMY by VIVEK SINGH

One of the functions of RBI is "it regulates and supervises banks". So, under its supervisory function RBI has initiated the actions on 'Paytm Payments Bank' (but not on its App).

Section 35A of the Banking Regulation Act 1949 says that "to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors, RBI may from time to time issue such directions at it deems fit and the bank/banking company shall be bound to comply with such directions."

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