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RBI bans Paytm Bank from onboarding new customers

The Reserve Bank of India has banned Paytm Payments Bank from onboarding new customers with immediate effect.

This action, taken under the Banking Regulation Act, 1949, is based on certain material supervisory concerns observed in the bank, the RBI stated in a 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 will be subject to specific permission to be granted by RBI after reviewing the report of the IT auditors,” the RBI said.

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