BBN Bureau
MUMBAI/March 11-2022: Reserve Bank of India (RBI) has today directed Paytm Payments Bank Ltd to stop, with immediate effect, 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. 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.
“This action is based on certain material supervisory concerns observed in the bank,” RBI added.
RBI directions extended for People’s Coop Bank
In another development, RBI today extended the directions issued to the People’s Co-operative Bank Limited, Kanpur (UP) for a further period of one month from March 11, 2022 to April 10, 2022, subject to review.
The bank has been under direction since June 10, 2020 vide directive order DoS.CO.UCBs-North/D-1/12.28.059/2019-20 dated June 09, 2020 issued under section 35 A of the Banking Regulation Act, 1949 (AACS).
