Paytm Payments Bank will not add any new customers to its platform at present; the Reserve Bank of India ( RBI ) has banned the bank from adding new customers due to some worrying facts. Along with this, Vijay Shekhar Sharma’s Paytm Payments Bank has also been asked to audit its IT system, for which the Reserve Bank has been directed to appoint an IT audit firm.
In its instructions, the Reserve Bank said that the permission to add new customers by Paytm Payments Bank would be given only after reviewing the report of the IT audit company by the Reserve Bank. The Reserve Bank said that this step had been taken after some concerns about the bank came to the fore. This ban has come into force with immediate effect.
What is the matter
The Reserve Bank has said that this ban on Paytm Payments Bank has been imposed after concerns related to supervision came to the fore. Along with this, the Reserve Bank has asked Paytm Payments Bank to audit its entire IT system. Paytm Payments Bank only got the scheduled bank status from the Reserve Bank last year.
The bank supports 33 crore Paytm wallets, and with the help of this, customers can transact in more than 87 thousand online merchants and more than 20 million stores. The bank processes various types of transactions, including Paytm Wallet, Paytm FASTag, Net Banking, and Paytm UPI.
What will be the impact on existing customers
In today’s decision of the Reserve Bank, there has been a ban on adding only new customers. At the same time, in this decision of the Reserve Bank, no instructions or advice has been given regarding the functioning of Paytm Payments Bank, transactions and accounts of existing customers.
That is, if you are an existing customer of Paytm Payments Bank, then these instructions will not affect you. Your money, transaction done or existing wallet is not covered under the new guidelines. At present, you do not have to worry about the latest move of the Reserve Bank.
