The Reserve Bank of India (RBI) has banned payment service provider Paytm from doing one thing. This may affect some services of Paytm. Read this news…
The Reserve Bank of India has directed Paytm to ‘immediately stop’ adding new customers to one of its services. He has also given the reason behind it.
Audit of Paytm
Payments Bank RBI has asked Paytm to immediately stop adding new customers to its Paytm Payments Bank platform. With this, the central bank has directed that it should appoint an IT audit firm to conduct an audit of the platform’s IT systems.
The Reserve
Bank says that during the review of the functioning of the bank, it noticed some monitoring concerns, on the basis of which it has taken this decision. The decision to allow Paytm Payment’s Bank to re-add new customers will depend on the special permission it gets after reviewing the report of IT auditors.
The Reserve Bank has given this direction to Paytm Payment’s Bank in exercise of the powers conferred by it under Section-35A of the Banking Regulation Act, 1949. Reserve Bank is the central bank of India, which regulates all types of banks in the country.
Recently, the Reserve Bank has also issued licenses of many payment banks in the country. These payments banks have been created to facilitate payment related facilities in remote areas of the country. Along with this, it is also part of the financial inclusion goals of the Government of India.
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