City
Epaper

RBI bars Paytm Payments Bank from onboarding new customers

By ANI | Updated: March 11, 2022 19:40 IST

The Reserve Bank of India (RBI) on Friday said it has banned Paytm Payments Bank from onboarding new customers with immediate effect.

Open in App

The Reserve Bank of India (RBI) on Friday said it has banned Paytm Payments Bank from onboarding new customers with immediate effect.

"Reserve Bank of India has today, in the exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers," the RBI said in a statement.

The RBI has also directed Paytm Payments Bank to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

"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 report of the IT auditors," the statement said.

"This action is based on certain material supervisory concerns observed in the bank," the central bank added.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Reserve Bank Of IndiaPaytm Payments BankThe finance ministry of indiaMonetary policy committee of the rbiCentral board of reserve bank of indiaReserve bank of india governorFinance ministry and reserve bank of indiaNew india strategyReserve bank of india's boardDeputy governor of reserve bank of india
Open in App

Related Stories

NationalNew Co-Operative Bank Scam: RBI Allows Depositors To Withdraw Rs. 25,000 From This Date

NationalWhat Is 'fin.in'? Banks to Get Special Domain to Curb Cyber Frauds, Registration Begins in April 2025

NationalRBI May Cut Key Interest Rate by 25 Basis Points After Two-Year Hold on February 7

Fact Check: Does RBI Regulate Ink Color for Writing Cheques?

NationalHDFC Bank Employee Dies of Cardiac Arrest During Client Meeting Prep; Wife Blames Work Pressure

Maharashtra Realted Stories

Navi MumbaiNavi Mumbai Traffic Update: Heavy Vehicle Entry & Parking Banned for A.R. Rahman Concert

MumbaiBollywood Producer Prerna Arora, Two Others Booked for Rs 1.33 Crore Investment Fraud

MumbaiMumbai: Man Arrested for Sending Obscene Messages and Making Harassing Calls to BJP Leader Pankaja Munde

MumbaiMumbai: CSD Official Files Complaint Over Fake Emails Tarnishing Department’s Image

MumbaiFake Bail Sureties Exposed at Vikroli Court; Two Held, One on the Run