Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
Although late, arrest warrant arrived
access_time 25 Nov 2024 8:45 AM GMT
Political dimensions of peoples verdict
access_time 24 Nov 2024 3:45 AM GMT
Adani and his group buying governments
access_time 23 Nov 2024 6:53 AM GMT
Trump
access_time 22 Nov 2024 2:47 PM GMT
election commmission
access_time 22 Nov 2024 4:02 AM GMT
Champions Trophy tournament
access_time 21 Nov 2024 5:00 AM GMT
DEEP READ
Munambam Waqf issue decoded
access_time 16 Nov 2024 5:18 PM GMT
Ukraine
access_time 16 Aug 2023 5:46 AM GMT
Foreign espionage in the UK
access_time 22 Oct 2024 8:38 AM GMT
exit_to_app
Homechevron_rightBusinesschevron_rightRBI directs Paytm to...

RBI directs Paytm to submit IT audit report to resume onboarding new customers

text_fields
bookmark_border
RBI directs Paytm to submit IT audit report to resume onboarding new customers
cancel

Mumbai: The Paytm Payments Bank Limited (PBBL) has been directed to stop adding new customers to its platform until the assessment of the Income Tax audit, which has been ordered by the Reserve Bank of India.

Through a circular, RBI has ordered the PBBL to stop onbaording new customers with immediate effect and to appoint an I-T audit firm to conduct a comprehensive System Audit of its I-T system.

The statement further added that the direction has been given on the basis of certain material supervisory concerns observed in the bank.

The new direction came after the report that the Paytm Payments Bank is expected to apply for a small finance bank (SFB) licence with the RBI in June. Paytm Payments Bank has completed five years of its existence.

In December 2021, the company was approved to operate as a scheduled bank by the RBI. It was included in the second schedule to the RBI Act of 1934.

The approval allowed Paytm Payment Bank to participate in requests for proposals issued by the government as well as big corporates, and fixed and variable rate repos, among other things. With this, the bank also became eligible to become a partner in the government's financial inclusion scheme.

Show Full Article
TAGS:RBIPaytm Payment BankRBI direction to Paytm
Next Story