RBI Action on Paytm Payments Bank: The RBI on Friday took this action on Paytm Payments Bank keeping in mind “certain important monitoring concerns”.
RBI Action On Paytm Payments Bank: The Reserve Bank of India (RBI) has taken major action on Paytm Payments Bank. The Reserve Bank has banned the addition of new customers in Paytm Payments Bank with immediate effect. The RBI has taken this action on Friday keeping in mind the “important concerns related to monitoring”.
The order issued by the Reserve Bank in this regard said, “The Reserve Bank of India has today ordered Paytm Payments Bank Ltd. Stop associating with yourself immediately.
The Reserve Bank has also ordered Paytm Payments Bank to conduct an in-depth audit of its IT systems by appointing an IT audit firm. RBI has said in its order that the decision to allow Paytm Payments Bank to add new customers in future will be taken only after reviewing the report of IT auditors. The Reserve Bank has said that it has taken this step because some seriously worrying things have been seen in the monitoring system of Paytm Payments Bank.
One 97 Communications Limited established Paytm Payments Bank Limited in August 2016. This payments bank started its formal operations in May 2017 with the opening of a branch in Noida, Uttar Pradesh. Promoter Company of Paytm Payments Bank
(Input: PTI)