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Shock to Paytm Payments Bank, RBI prohibits adding new customers

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Mumbai. Paytm Payments Bank Ltd. ie PPBL (Paytm Payments Bank Ltd.), one of the country’s leading payments banks, has suffered a major setback. Actually, Paytm Payments Bank will not be able to add any new customers on its platform at present. The Reserve Bank of India (RBI) on Friday banned PPBL from adding new customers.

Order to conduct IT audit of Paytm Payments Bank
Along with this, the central bank has 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.

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RBI imposed a fine of Rs 1 crore
Last year, the RBI imposed a fine of Rs 1 crore on Paytm Payments Bank for violating norms. The penalty was imposed for violation of Section 6(2) of Payment and Settlement. The central bank said in a statement that on examination of Paytm Payments Bank’s application for issuance of final certificate of authorisation, the RBI found that Paytm Payments Bank had furnished information which did not reflect a factual position. The central bank had said, “Because this was in violation of Section 26(2) of the Payment and Settlement System Act, a notice was issued to Paytm Payments Bank.”

Tags: Paytm, RBI, Reserve Bank of India

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