Quick Summary
Reserve Bank of India Date : Mar 11, 2022 Action against Paytm Payments Bank Ltd under section 35 A of the Banking Regulation Act, 1949 Reserve Bank of India has today, in 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 bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. Onboarding of
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FAQ :
The RBI has directed Paytm Payments Bank Ltd to stop onboarding new customers with immediate effect and to appoint an IT audit firm for a comprehensive system audit.
This action has been taken due to certain material supervisory concerns observed in the bank.
The ban on onboarding new customers is effective immediately.
Paytm Payments Bank has been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system.
Yes, but only after the RBI reviews the report from the IT auditors and grants specific permission.
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Notification No : Press Release: 2021-2022/1850Published in Community & General
Source : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53405