RBI stops Paytm Payments Bank from onboarding new customers

Bhubaneswar: The Reserve Bank of India (RBI) today directed Paytm Payments Bank Ltd. to stop, with immediate effect, onboarding of new customers, the RBI said in a press release.

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 release said.

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

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