RBI punishes Paytm Payments Bank for sharing information with China-based entities: Report

FPJ Web DeskUpdated: Monday, March 14, 2022, 10:23 PM IST
article-image
The RBI last week directed Vijay Shekhar Sharma-promoted Paytm Payments Bank Ltd (PPBL) to stop opening new accounts amid ''material supervisory concerns'' observed in the bank | PPBL Twitter image

The RBI on Friday asked Paytm Payments Bank to stop opening new accounts amid "material supervisory concerns" observed in the bank.

The reason for the RBI punishing the bank was because it violated rules by allowing data to flow to servers abroad and didn’t properly verify its customers, a person familiar with the matter told Bloomberg.

Annual inspections by the Reserve Bank of India (RBI) found that the company’s servers were sharing information with China-based entities that indirectly own a stake in Paytm Payments Bank, Bloomberg said quoting a person privy to the matter.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Daily Horoscope for Thursday, August 11, 2022, for all zodiac signs by astrologer Vinayak Vishwas...

Daily Horoscope for Thursday, August 11, 2022, for all zodiac signs by astrologer Vinayak Vishwas...

Nitish Kumar takes oath as Bihar CM for 8th time, RJD’s Tejashwi Yadav sworn in as his deputy

Nitish Kumar takes oath as Bihar CM for 8th time, RJD’s Tejashwi Yadav sworn in as his deputy

No cap on domestic airfares from August 31: Centre

No cap on domestic airfares from August 31: Centre

Sharad Pawar accuses BJP of finishing off regional allies, backs Nitish Kumar for snapping ties with...

Sharad Pawar accuses BJP of finishing off regional allies, backs Nitish Kumar for snapping ties with...

Mumbai: Motorman's alertness averts major accident on Central Railway, here's how

Mumbai: Motorman's alertness averts major accident on Central Railway, here's how