RBI takes action against Paytm Bank Ltd. u/s 35A of the Banking Regulations Act, 1980
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- Last Updated on 14 March, 2022
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Press Release: 2021-2022/1850, Dated 11-03-2022
Reserve Bank of India , in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, has directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers. The RBI also directed the Paytm Bank 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
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