On March 11, 2022, the Reserve Bank of India Paytm Payments Bank Ltd to stop onboarding of new customers with immediate effect.
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.
