News > Paytm Payments Bank barred by RBI from onboarding new customers

Paytm Payments Bank barred by RBI from onboarding new customers

11/03/2022 06:07 PM | Click to read full article

The Reserve Bank of India (RBI), in its latest order issued today, directed Vijay Shekhar Sharma-led Paytm Payments Bank Ltd to stop the onboarding of new customers. The central bank has said its action is based on “certain material supervisory concerns" observed in the bank.

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.