Paytm Payments Bank ordered to halt onboarding new customers immediately
Paytm Payments Bank – The Reserve Bank of India (RBI) told Paytm Payments Bank to halt onboarding new users on its platform with immediate effect in an official order issued on Friday. A complete System Audit of the bank’s IT system has also been ordered.
According to the statement, the move is based on “some material supervisory issues discovered in the bank.”
Paytm Payments Bank was founded in August 2016 and began operations in May 2017 with a branch in Noida.
As of March 31, 2021, Paytm Payments Bank had 64 million savings accounts and approximately Rs 5,200 crore in deposits. It was also the largest beneficiary bank for the Unified Payments Interface, with the lowest rate of technical decrease among beneficiary and remitter banks.
Read more News & Trends on India Frontline.