Friday, May 27, 2022
HomeBusinessRBI Tightens On Paytm Payments Bank, Ban On Adding New Customers

RBI Tightens On Paytm Payments Bank, Ban On Adding New Customers

Advertisements
Advertisements

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.

Advertisements

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.

Advertisements
Advertisements
Geeta Kumar
Geeta Kumar
Geeta Kumar is Our Digital Media Specialist at Spot News 18. She Manages our Digital Media Account Globally. She loves to be connected on Social Media.

Related News

LATEST NEWS

Bhojpuri star Khesari Lal Yadav Gifted An Expensive Car To Parents

Once again, Bhojpuri superstar Khesari Lal Yadav is dominating social media. This time the reason is unique and good. Khesari Lal, who once filled...

Pawan Singh Reached The Court To Get Divorce From Second Wife Jyoti

Singer and actor Pawan Singh, a power superstar of Bhojpuri cinema, has been in the headlines for a long time in his personal life....

Six Features Vital For Sports Apps

Searching for the app which suits you the most can, at times, be excruciating. Even though they have more or less the same functionality,...

‘India Will Make A Record’, Aamir Khan In The Promo Of Africa Series

After the end of the Indian Premier League-2022 (IPL 2022), India has to play a T20 series against South Africa (Ind Vs Sa). A...

This Announcement From Saudi Arabia Created Panic In The Whole World

Due to the increase in the price of petroleum, all the world countries are in the grip of inflation. Inflation is increasing in America...

STAY CONNECTED

1FansLike
0FollowersFollow
363FollowersFollow
137FollowersFollow