RBI directs Paytm Payments Bank to stop onboarding of new customers
The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system.
Insight Bureau: The Reserve Bank of India (RBI) on Friday directed Paytm Payments Bank Ltd to stop onboarding of new customers with immediate effect.
The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system.
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Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing report of the IT auditors.
This action is based on certain material supervisory concerns observed in the bank under section 35A of the Banking Regulation Act, 1949.
Vijay Shekhar Sharma, founder & CEO of Paytm and One97 Communications Limited together owns Paytm Payments Bank which have more than 58 million account holders.
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