Reserve Bank of India : Stops Paytm Payments Bank from onboarding new customers


The Reserve Bank of India (RBI) has barred Paytm Payments Bank from onboarding new customers with immediate effect due to certain supervisory concerns.

The banking regulator said the bank has been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

“The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. 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,” RBI said adding that the action is based on certain material supervisory concerns observed in the bank

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