Jubilee Post News & Views
Jubilee News Desk
Reserve Bank of India has on Friday, 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.
On boarding 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.
This action is based on certain material supervisory concerns observed in the bank, said a press statement from Yogesh Dayal, Chief General Manager.
