Paytm Payments Bank Can't Onboard New Customers Pending IT Audit, says RBI
Moneylife Digital Team 11 March 2022
After observing certain material supervisory concerns, the Reserve Bank of India (RBI) has directed Paytm Payments Bank Ltd to stop onboarding new customers with immediate effect.
 
RBI has also asked Paytm Payments Bank to appoint an information technology (IT) audit firm to conduct a comprehensive system audit of its IT system. 
 
"Onboarding of new customers by Paytm Payments Bank will be subject to specific permission to be granted by RBI after reviewing the report of the IT auditors," the central bank says.
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