News > RBI directs Paytm Payments Bank to stop onboarding of new customers

RBI directs Paytm Payments Bank to stop onboarding of new customers

The Outreach | 11/03/2022 08:28 PM | Click to read full article

The Reserve Bank of India has directed Paytm Payments Bank to stop with immediate effect the onboarding of new customers.

“The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system,” the RBI said on Friday, adding that the action is based on certain material supervisory concerns observed in the bank.