Reserve Bank of India (RBI) has directed Paytm Payments Bank Limited today on 11th March 2022 to stop, with immediate effect, the onboarding of new customers due to various reasons such as violation in adhering to the norms related to Know Your Customer (KYC), data privacy policy, data storage, outsourcing of data and many others.
The Reserve Bank has also directed Paytm to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system.
Read the press release:
