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Paytm Payments Bank allowed to open new accounts

The Reserve Bank of India has allowed Paytm Payments Bank to restart opening of new accounts. The RBI had asked the bank to stop adding new customers some 6 months ago when a regulatory audit found lapses on the part of the entity to stick to RBI’s requirements. Post the audit, the bank had removed Renu Satti from the chief executive’s role and roped in veteran banker and ex-NPCI senior executive Satish Gupta as its CEO.  The bank maintained that the RBI has not levied any fine on the bank. At present, the bank has around 42 million accounts and has set a target of getting 100 million by the end of 2019.

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