New Delhi: The Reserve Bank of India (RBI) on Friday directed Paytm Payments Bank to stop, with immediate effect, onboarding of new customers.
Paytm Payments Bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system, the central bank said in a release.
"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," the RBI said.
Paytm Payments Bank Ltd reported revenue of Rs 1,987.45 crore for the financial year 2020-2021 (FY21), down from Rs 2,110 crore in FY20.
The bank is a joint venture, with OCL holding 49% stake and Paytm founder Vijay Shekhar Sharma the remaining 51%.
Action against Paytm Payments Bank Ltd under section 35 A of the Banking Regulation Act, 1949https://t.co/tqWfwt7mT3
— ReserveBankOfIndia (@RBI) 1646999533000Paytm Payments Bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system, the central bank said in a release.
"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," the RBI said.
Paytm Payments Bank Ltd reported revenue of Rs 1,987.45 crore for the financial year 2020-2021 (FY21), down from Rs 2,110 crore in FY20.
The bank is a joint venture, with OCL holding 49% stake and Paytm founder Vijay Shekhar Sharma the remaining 51%.
Discover the stories of your interest
Read More News on
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
...more
