: RBI bans Paytm from taking new customers over material supervisory concerns #FinanceIndia #StockMarketNEWS RBI bans Paytm from taking new customers over material supervisory concerns Bengaluru, Mar 12

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RBI bans Paytm from taking new customers over material supervisory concerns #FinanceIndia #StockMarketNEWS
RBI bans Paytm from taking new customers over material supervisory concerns Bengaluru, Mar 12 (KNN) The Reserve Bank of India (RBI) has prohibited digital payment company, Paytm Payments Bank from adding new customers over issues related to material supervision.

A comprehensive audit of its IT systems has been ordered by the central bank.

RBI issued a statement saying once the review of the IT system is complete and a report is generated, it will allow Paytm Payments Bank to onboard new customers subject to specific permission.

Paytm Payments Bank was established in 2017 bringing a wave of digital payment in India.

It had received the RBIs permission to function as a scheduled payments bank in December.

The bank was banned by the RBI back in 2018 from onboarding customers due to violations of know-your-customer rules and the banks close relations with One97 Communications. (KNN Bureau)

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