Rbi has taken major action against Paytm Payments Bank. The RBI has banned Paytm Payments Bank from adding new customers until further orders. The RBI, in its exercise of its officers, has, inter-alia, directed Paytm Payments Bank Limited under Section 35A of the Banking Regulation Act, 1949, to ban the induction of new customers with immediate effect.
In addition, the RBI has also directed Paytm Payments Bank to appoint an IT audit firm to conduct a comprehensive system audit of the IT system. The RBI, in its order, has said that Paytm Payments Bank Ltd. will now be able to add new customers only after obtaining approval from the RBI after reviewing the report of the IT auditors.
In fact, the RBI has found things during the supervision of Paytm Payments Bank that observers have expressed concern about. Keeping this in mind, this decision has been taken. Earlier, in October 2021, the RBI had imposed a penalty of Rs 1 crore on Paytm Payments Bank. The RBI had then reported that Paytm Payments Bank had sent an application to the RBI for the Final Certificate of Authorization (CoA), which, on examination, found that the details given by ppbl did not show the exact position of the company.
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