BANK NEWS
RBI stops Paytm Payments Bank to onboard new customers
The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system.
This action is based on certain material supervisory concerns observed in the bank. Representational Image/Reuters
New Delhi: The Reserve Bank of India on Friday, March 11, 2022, has directed Paytm Payments Bank Limited to stop the onboarding of new customers with immediate effects. The regulatory body released this statement in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949.
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 the report of the IT auditors.
This action is based on certain material supervisory concerns observed in the bank.
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