RBI order on Paytm: Big hit coming in for Vijay Shekhar founded Paytm as the central bank has banned Paytm Payments Bank from onboarding any new customers with immediate effect.
The RBI has said this action has been taken after material supervisory concerns were observed in the bank, without detailing the observations.
The Paytm Payments Bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system, the RBI order said. “Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing a report of the IT auditors," the central bank said.