RBI Bars Paytm Payments Bank From Onboarding New Customers
The bank has been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system.
The Reserve Bank of India (RBI) on March 11 directed Paytm Payments Bank to stop onboarding of new customers. The RBI said, “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.”
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