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Paytm Payments Bank told to stop taking new customers

PaytmPaytm Payments Bank has stopped enrolling new customers, following certain observations by the Reserve Bank of India about the process it follows in acquiring new customers and its adherence to know-your-customer (KYC) norms. News reports suggested that the bank is modifying its account opening process to introduce current accounts due to which new account creation process has been paused. The bank had also removed its CEO Renu Satti following objections from RBI about her ability to lead a banking services firm. RBI wanted a person with banking experience to be in the post of a CEO of a payments bank. However, Paytm said in a statement that Satti had stepped down from her position as Paytm Payments Bank CEO to take on a new role within the company. She will be leading the new retail business at Paytm as its chief operating officer. The company is yet to fill in the position. RBI also made it clear that Paytm should have better security mechanisms to store customer data and asked the bank to have an office separate from that of One97 Communications. The company recently moved its Paytm Payments team to a new facility in Noida.

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