new Delhi. Paytm Payments Bank Ltd. ie PPBL, one of the country’s leading payments banks, said on Monday that reports claiming data leaks to Chinese firms are “false and sensational”. In fact, According to a Bloomberg report, the RBI on March 11 barred Paytm Payments Bank from accepting new customers because it allowed data to flow to servers abroad in violation of India’s regulations.
Paytm Payments Bank tweeted, “The recent Bloomberg report claiming data leaks to Chinese companies is false and sensational. Paytm Payments Bank prides itself on being a fully domestic bank and fully complies with RBI instructions on data transfer. All the data of the bank remains within the country.
A recent Bloomberg report claiming data leak to Chinese firms is false and sensationalist.
Paytm Payments Bank is proud to be a completely homegrown bank, fully compliant with RBI’s directions on data localisation. All of the Bank’s data resides within India.
— Paytm Payments Bank (@PaytmBank) March 14, 2022
Paytm Payments Bank will not be able to add new customers
Last week, RBI banned Paytm Payments Bank from adding new customers. Along with this, the central bank had ordered an IT audit of Paytm Payments Bank Ltd. The meaning of IT audit is that the company’s IT infrastructure ie software is capable of bearing the burden of many customers, what are the flaws in it and why they are coming, all these will be investigated.
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Started on 23 May 2017
Paytm Payments Bank started functioning on 23 May 2017. Recently, Moneycontrol had reported that Vijay Shekhar Sharma’s company Paytm Payments Bank is about to apply to RBI for the license of Small Finance Bank (SFB). Sources had told that Paytm Payments Bank can submit the application by June this year.
Tags: Paytm, RBI, Reserve Bank of India
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